Guidewire Fundamentals Exam With 100% Correct Answers 2024.
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Guidewire Fundamentals Exam With 100% Correct Answers 2024.
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)
What is the difference between Policy...
Guidewire Fundamentals Exam With 100%
Correct Answers 2024.
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)
What is the difference between Policy Term and Policy Period?
Can be multiple Periods within a Term
Submissions are?
The transaction in GuideWire that will create a Policy, either as a Quote or Binded &
Issued.
Most Submissions do not end in a Policy because?
Insured does not qualify for the insurance or an acceptable quote is not found.
What are Policy Changes?
They will change some aspect of the Policy before the Expiration Date. Changes could
be:
- Coverables added or removed from the Policy
- Coverages added or removed from Coverables
- Coverage Terms to be modified.
How is a Material Change different from a Policy Change?
Material Change will affect the item covered, eg Cars / Buildings.
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.
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