GuideWire Fundamentals with Actual
Answers
What is Renewal? ️️Renewal happens at the end of a Policy, and usually a Policy is
renewed with the same conditions as the previous term and may include changes to coverables,
coverages or premiums. If a policy is not renewed then it will simply...
GuideWire Fundamentals with Actual
Answers
What is Renewal? ✔️✔️Renewal happens at the end of a Policy, and usually a Policy is
renewed with the same conditions as the previous term and may include changes to coverables,
coverages or premiums. If a policy is not renewed then it will simply expire.
What is a Policy Cancellation? ✔️✔️Policies can also be cancelled (before its expiration date)
either by the insurer or the insured either because a better quote was found with another provider
or because the insured did not keep up their premium payments.
What is a Reinstatement? ✔️✔️Reinstatements come after a policy is cancelled, and is then
reinstated with the original terms as before the cancelation. There is no change to the effective or
end dates, and no lapse in coverage.
What is a Policy Rewrite? ✔️✔️Creates a new policy from an existing policy and is typically
done when an error is realised within the original policy. A Mid-Term Rewrite also rewrites a
portion of a term while maintaining the original or stating a new end date.
Every Policy will have these two things ✔️✔️Effective Date & Expiration Date
The Period of time between the Effective Date and Expiration Date is called? ✔️✔️The Policy
Term (Usually 6 Months or 1 Year)
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