While the purpose and usage of Declarations can vary, the more common purpose is to declare official values for a period when the base policy was bound with estimated values or no values at all. The values may be the total insured value or any individual values used to calculate premium. The official values in the declaration may result in a partial refund of pre-paid premiums, or additional charges if the official values exceed estimates.
The system does not enforce this usage. A declaration can modify almost any aspect of the policy, similar to an endorsement. The implementation is left in the hands of the product administrators.
Declarations are accessed and created from the Declarations window, opened from the Common Screens widget when viewing the associated policy.