Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

Guidewire Policycenter Professional Exam | Policy Administration, Data Model Management, Exams of Policy analysis

The Guidewire PolicyCenter Professional Exam document is an essential resource for individuals seeking to enhance their expertise in policy administration, data model management, product model setup, and user interface customization within the Guidewire PolicyCenter environment. Scheduled for the latest version in 2025, this guide covers a comprehensive range of topics vital for mastering the PolicyCenter functionalities. Key areas of focus include an in-depth understanding of supporting information under an account, such as contacts, location, participants, transactions, and policy management. It also details the various types of policy transactions, including submission, change, and renewal processes, offering insights into managing preemption scenarios where concurrent transactions may conflict.

Typology: Exams

2024/2025

Available from 06/02/2025

essay-writers
essay-writers 🇺🇸

3.8

(91)

1.9K documents

1 / 32

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
Guidewire Policycenter Professional Exam |
Policy Administration, Data Model
Management, Product Model Setup, User
Interface Customization | Latest Version
2025
Supporting information under an Account (11) ---------CORRECT ANSWER-------------
----1. Summary
2. Contacts
3. Location
4. Participants
5. Transactions
6. Submission Manager
7. Policies and UW files
8. Documents
9. History
10. Notes
11. Related Accounts
Types of Policy Transactions (6) ---------CORRECT ANSWER-----------------1.
Submission
2. Change
3. Renew
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15
pf16
pf17
pf18
pf19
pf1a
pf1b
pf1c
pf1d
pf1e
pf1f
pf20

Partial preview of the text

Download Guidewire Policycenter Professional Exam | Policy Administration, Data Model Management and more Exams Policy analysis in PDF only on Docsity!

Guidewire Policycenter Professional Exam |

Policy Administration, Data Model

Management, Product Model Setup, User

Interface Customization | Latest Version

Supporting information under an Account (11) ---------CORRECT ANSWER------------- ----1. Summary

  1. Contacts
  2. Location
  3. Participants
  4. Transactions
  5. Submission Manager
  6. Policies and UW files
  7. Documents
  8. History
  9. Notes
  10. Related Accounts Types of Policy Transactions (6) ---------CORRECT ANSWER-----------------1. Submission
  11. Change
  12. Renew
  1. Cancelled
  2. Rewritten
  3. Reinstated Jobs can be started in 3 ways ---------CORRECT ANSWER-----------------1. By users through Actions menu
  4. External systems through API's
  5. PC batch processes What are Coverage Terms ---------CORRECT ANSWER-----------------A value that further defines a specific coverage (Deductible and Limit) Coverage can have 0, 1, or multiple terms attached List of Policy Lines (8) ---------CORRECT ANSWER-----------------1. Personal Auto
  6. Commercial Auto
  7. General Liability
  8. Homeowners
  9. Business Owners
  10. Inland Marine
  11. Commercial Property
  12. Worker's Comp
  1. Forms What is availability and what is it based on? (6) ---------CORRECT ANSWER------------ -----A component either appears or doesn't appear on a live app Based on:
  2. Start/End date
  3. Industry Code
  4. UW company
  5. Policy Type
  6. Policy Transaction type
  7. Jurisdiction What is the max number of submissions you can make per LOB? ---------CORRECT ANSWER----------------- 5 Steps to creating a submission/policy (12) ---------CORRECT ANSWER-----------------
  8. Offering - allows the insurers to define product types based on existing base product definitions
  9. Prequalification - answer basic questions to reveal if the applicant qualifies for certain coverages, or could reveal UW issues
  10. Policy info - captures basic info
  11. UW - large insurers license subsidiaries to do UW based on state requirements
  1. Coverages - ex. for PA - collision, liability
  2. Modifiers - increases or decreases in coverages based on certain factors
  3. Risk Analysis - where UW concerns show up. UW can review or maintain any issues
  4. Policy Review - can see full application summary
  5. Quote - all policy info is sent to a rating engine and returns a quote
  6. Forms - become available at this point
  7. Payments - payments screen looks in depth at payment options to consider payment plans
  8. Bind and Issue - coverage becomes legally binding with Bind even without official documentation. Issues means the documents are getting issued Parallel rating ---------CORRECT ANSWER-----------------rates coverables in parallel using multiple threads What is asynchronous quoting and under what conditions is it enabled? (2) Which LOBs support it? (5) ---------CORRECT ANSWER-----------------Runs the quote processes in the background in the following conditions:
  9. Asynchronous quoting is enabled
  10. Number of coverables exceeds a threshold Supports - Commercial auto (for vehicles), Business owners (for buildings), Commercial property (for buildings), General Liability (for exposures), Worker's comp (for covered employees)
  1. Documents - view and search documents related to the policy
  2. Risk Analysis - issues that may affect the policy (UW issues, claims, prior policies, prior losses, contingencies)
  3. Reinsurance - insurance risk transferred to another insurance company to all or part of the liability
  4. History - view and search historical events pertaining to policy
  5. Financial Transactions - an internal tool used for rating while developing the application (only people with the "InternalTool" permission can see this screen Preemption ---------CORRECT ANSWER-----------------2 transactions are initiated from the same base period - a transaction starts while another is in progress The first job that finishes/gets bound "wins out" and the losing job has to be modified to handle the preemption 3 statuses of policies getting renewed ---------CORRECT ANSWER----------------- Renewed Not Taken Non-renewed How to override an automatic renewal ---------CORRECT ANSWER-----------------Pre- configure renewal directions - this puts the expiring term into either automatic nonrenewal or manual renewal

Interrupt renewal - If you start a renewal and then change the existing policy, what happens? ---------CORRECT ANSWER-----------------If the renewal is unbound, the policy change can be added to the renewal Rewites ---------CORRECT ANSWER-----------------You must cancel a policy to rewrite it Full term rewrite (discards the original policy and policy term) Mid term rewrite (retains part of the original policy) Which policy jobs can not be out of sequence? ---------CORRECT ANSWER------------ -----Submissions, renewals, and audits What is an out of sequence transaction? ---------CORRECT ANSWER----------------- When a change is made after the first one is bound but is supposed to go effective before the first change (if no conflict, PC will merge the changes, if there is a conflict, the user decides what to keep) What is a group ---------CORRECT ANSWER-----------------A collection of users, producer codes, queues, and regions created based on geographic regions, divisions, and departments

What is a producer code ---------CORRECT ANSWER-----------------A unique ID assigned by the insurer to track which agent/agency is responsible for which policies and accounts How to delegate role management to external users ---------CORRECT ANSWER----- ------------Use the "User admin role" The can have access to ao build groups, org and permissions for their own orgs but not others Security in PC (2) ---------CORRECT ANSWER-----------------1. Role based security - a role is a named collection of permissions that typically map to a jo function or title

  1. Date based security - defines what data can be access and typically managed through producer codes 3 levels of assignment for external users ---------CORRECT ANSWER-----------------1. fully restricted - only access to their own org
  2. protect internal - can be assigned producer codes from any external org
  3. allow internal - allow access to internal or external orgs

Samples of forms (5) (4) ---------CORRECT ANSWER-----------------1. declaration sheets - a summary of all exposures and coverages

  1. Base forms - attached regardless of what coverages or exposure units are selected
  2. Additional coverage forms - add additional coverage
  3. Exclusion forms - limit forms
  4. Manuscript forms - blank forms with space for free text High level:
  5. Policy forms form PC
  6. Invoices from BC
  7. Delinquency Letters from BC
  8. Notification letters of new claims from CC How are forms created? ---------CORRECT ANSWER-----------------Form Inference - PC generates forms based on policy details (this logic is defined by Form Patterns) Form Pattern - defines metadata about a form and the inference logic (the define valid forms the system can infer on a policy) The actual Form content is created by a Document Production System (DPS) The created form content is stored in a Document Management System

Checking set ---------CORRECT ANSWER-----------------A point in the job where issues can be raised (Pre-quote, Bind, Pre-issuance) Blocking point ---------CORRECT ANSWER-----------------Stops the progress of a job until an issue is approved (some issues can be informational (non-blocking) Types of fields in the UW Rules Screen (3) ---------CORRECT ANSWER-----------------

  1. Fields related to defining the UW Rule (Name, Code, Description, Checking Set, Blocking Point, Enabled, Start/End Date)
  2. Fields related to evaluating the UW Issue (applicability section, Rule Contect, Rule Condition, UW Details)
  3. Fields related to approving the UW Issue (Auto-Approvable, Default Edit before Bind, Default Approval Blocking Point, Default Duration, Value Comparator, Value Formatter Type, Default Value Assignment Type, Default Value Offset Amount) Deploying UW Rules (Dev vs Prod server) ---------CORRECT ANSWER----------------- Dev:
  4. Draft (rules have been created but not complete or tested)
  5. Staged (tested and ready for deployment) Prod:
  6. Approved (Rule is ready for Deployment)
  1. Deployed (Rule executes) Requirements to designing a product (required fields) (7) ---------CORRECT ANSWER-----------------1. Product Type
  2. Product Name
  3. LOB
  4. Product Account Types
  5. Available Jurisdictions
  6. Policy Terms
  7. Default Policy Term Coverage Pattern Attributes ---------CORRECT ANSWER-----------------Determines whether or not each relevant coverage is offered on a policy and whether the user can accept or decline Recommended Practice for mapping coverages ---------CORRECT ANSWER------------ -----1. When mapping, put coverages that will appear together or automatically in the same category
  8. When rendering on the UI, put commonly accepted coverages on "Included Coverages" and less commonly accepted coverages as "Additional Coverages"

Generic Schedule ---------CORRECT ANSWER-----------------data model that stores schedule info in a generic way can be easily created and edited in Product Designer and can be defined in Product Model XML files Steps to add a generic schedule to LOB (3) ---------CORRECT ANSWER-----------------

  1. Create a generic schedule data model for line
  2. Configure scheduled clauses and properties in the product model, using Product Designer
  3. Configure the schedule UI if you want to change how it looks and operates Ways to configure availability in product model ---------CORRECT ANSWER----------- ------1. Lookup tables (to determine initial set "S" of available entities
  4. Availability Scripts (Script must return "True" or "False" after passing available entities through
  5. Grandfathering
  6. Offering Which patterns do NOT have availability logic ---------CORRECT ANSWER-------------- ---Policy lines (because they are so closely tied to the product itself)

Which patterns do NOT have Grandfathering Logic ---------CORRECT ANSWER------- ----------Product and Policy Line Which Products have Offerings in the base configuration (5) ---------CORRECT ANSWER-----------------1. Business Owners

  1. Commercial Auto
  2. Commercial Package
  3. General Liability
  4. Personal Auto What is a Rate Modifier? ---------CORRECT ANSWER-----------------A value that the rating engine uses to justify the policy premium, or some portion of the premium What is a Modifier Pattern? ---------CORRECT ANSWER-----------------Affects the rating of coverages. Creates an instance of a modifier that affects the cost of a policy What is a Schedule Rate Modifier ---------CORRECT ANSWER-----------------A specific type of modifier that provides credit or debits within established value ranges

What are Documents? ---------CORRECT ANSWER-----------------Electronic files that contain info pertaining to an account, policy, or job ( not part of th contract) Where does the info exist for a document? ---------CORRECT ANSWER-----------------

  1. User's Computer
  2. Policy Center
  3. Document Production System
  4. document Management System 2 Ways to create documents ---------CORRECT ANSWER-----------------1. Upload an electronic file to the Document Management System
  5. Create a new doc using a PC template, creating a local copy on the Document Production system, ultimately uploaded to the Document Management System Document Production ---------CORRECT ANSWER-----------------Create a draft document by merging Template with Field Values Document Management System ---------CORRECT ANSWER-----------------Store documents

stores the doc itself and a meta file (info about the document, like Author) Each doc has a MIME type (tells you whether you can use Word, Adobe, etc to open the file) Notes vs Documents ---------CORRECT ANSWER-----------------1. Notes - written in plain text, created by user or through Gosu and stored in the PC Database

  1. Documents - more complex, might be PDF, Word, Excel, etc. May be stored in the PC Database, or in Document Management System Notes Fields ---------CORRECT ANSWER-----------------1. Topic
  2. subject
  3. Security Level (Unrestricted, Internal, Sensitive)
  4. Text What is an Activity? ---------CORRECT ANSWER-----------------A way to keep PC users informed about important tasks related to accounts, policies, transactions (can be manually or automatically created using business rules) Activity Patterns ---------CORRECT ANSWER-----------------Standardize the way PC created activities