Product

Identifies the product associated with the master cover.

Status

Identifies the current status of the master cover.

Attachments

When attaching files to a submission or policy, the user can select the type of attachment.  This list provides the available options.

Attachment types can be restricted to certain groups of users, based on security roles.  See the Attachment Type Settings panel below.

Notes & Follow Ups

When creating notes and follow ups, the user can select the type of note.  This list provides the available options.

Limits

This list defines the available choices when adding and configuring limits.

Deductibles

This list defines the available choices when adding and configuring deductibles.

Limits / Deductibles Currency List

This list defines the available currencies when adding and configuring limits and deductibles.

Lost Quotes

When a user marks a quote as lost, they must select a reason why the quote was lost.  This list provides the available options.

Reinstatement Reasons

When a user reinstates a cancelled policy, they must select a reason why the policy is being reinstated.  This list provides the available options.

Void Reasons

When a user voids a transaction, they must select a reason.  This list provides the available options.

Allow Backdating Tolerance

When this option is unchecked, users are only able to enter an Effective Date equal to the current date or later.  When checked, the users can select a date earlier than the current date, up to the limit set in the Backdating Tolerance field (below).

Backdating Tolerance

Determines the number of days prior to the current date that can be entered into the Effective Date field.  This field is only active when Allow Backdating Tolerance is checked.

Set ... Effective Date to

This setting exists for New Business, Endorsement, Adjustment, and Cancellation transactions.  The Effective Date of a new transaction can be set to a date from a selected source.  The Effective Date field is then locked and cannot be changed, except where noted.

•    Default

The date is set according to the default behavior.  This is usually the current date, or the nearest date within the valid term, but may be modified by other settings.  This default date can be edited, unless locked by other settings.

•    Field Value

On creating a new transaction of the appropriate type, the date is copied from a field in the transaction.  The Effective Date field can no longer be edited, however any changes to the source field will change the Effective Date on recalculating the quote.

The Select Field dropdown is added to the panel on choosing this option.  Select a date field from the workflow.

•    Default Field Value

On creating a new transaction of the appropriate type, the date is copied from a field in the transaction.  The Effective Date field can be edited, however any changes to the source field will change the Effective Date on recalculating the quote.  This option is only available for Cancellation transactions.

The Select Field dropdown is added to the panel on choosing this option.  Select a date field from the workflow.

•    First of Next Month

On creating a new transaction of the appropriate type, the Effective Date is set to the first day of the following month.

•    Term Effective Date

On creating a new transaction of the appropriate type, the Effective Date is set to the same date as the beginning of the current term.  This option is not available for New Business transactions.

Set ... Valid Until Date to

This setting exists for New Business, Endorsement, Adjustment, and Renewal transactions.  The Valid Until date of a new transaction can be set to a date from a selected source.  The Valid Until date field is then locked and cannot be changed.

•    Default

The date is set according to the default behavior, as configured by other settings.  This default date can be edited, unless locked by other settings.

•    Field Value

On creating a new transaction of the appropriate type, the date is copied from a field in the transaction.  The Valid Until date field can no longer be edited, however any changes to the source field will change the Valid Until date on recalculating the quote.

The Select Field dropdown is added to the panel on choosing this option.  Select a date field from the workflow.

Enforce Minimum Term Duration

Requires the effective coverage period to be equal or greater than the number of days entered in the Minimum Duration field (below).

Minimum Duration

Determines the minimum number of days for the effective coverage period.  This field is only active when Enforce Minimum Term Duration is checked.

Enforce Maximum Term Duration

Requires the effective coverage period to be equal or less than the number of days entered in the Maximum Duration field (below).

Maximum Duration

Determines the maximum number of days for the effective coverage period.  This field is only active when Enforce Maximum Term Duration is checked.

Lock Valid Until Date Field

When a new submission is created, the Valid Until date field is set to a calculated default date based on master cover settings, and cannot be changed.

Hide Valid Until Date Field

Hides the Valid Until field.  The valid until date is still determined according to selected default settings, but the field is not shown.

Policy Transaction Types

Select the transaction types for which the panel should be hidden.

Policy Transaction Statuses

Select the transaction statuses for which the panel should be hidden.

Security Roles

Select the user security roles for which the panel should be hidden.

Client Screen in New Submission Workflow

When creating a new submission, the user is prompted to select or create a client.  This setting determines if the prompt will present the user with the list of existing clients or a page on which to create a new client company.

•    Client List

The user will be presented with the Select or Create Client list.  The user can select an existing client, create a new client, or skip client selection until a later time. 

•    New Client Company

The user will be presented with the New Client Company page, where a new client company can be immediately created and attached to the submission.  The user can still navigate to the Select or Create Client list, to select an existing client or create an Individual Client.

Note:  This feature cannot be used with master covers that have Individual selected as the Type in the Supported Clients panel on the Master Cover - General Information page.

Insured Value Field

One field can be defined as containing the insured value of the policy.  The drop down lists all fields in the attached workflow that have been set as Rate Driver fields.  The selected field is available for reports, identified as the insured value.

Custom Status Field

A field can be selected to override the displayed statuses in the workflow.  The drop down lists all Textbox and Label fields from Form panels in the attached workflow.

If the field contains a value, either selected manually or calculated, it will be displayed in the Status fields of the Policy Information widget (without the color coding) and the Policy Information window, as well as the Status column of the Policy Transactions list.  If the field does not have a value or if the value is blank, the status will revert back to the core system statuses.

This only affects the display of the status fields in the workflow.  The core system statuses still apply, and still control all aspects of the transaction.  Features such as available Actions, workflow overrides, and other resources associated to transaction statuses will  not be affected.  For reference, the transaction types are still displayed in the Type column of the Policy Transactions list.

Allow Special Quote Requests

Once a quote has been issued on a transaction, either automatically or manually, this option allows users to submit a special request for a new quote.

Bypass Quote Validations on Issue Quote

Allows users with the appropriate rights to issue a quote where certain settings or values would normally be rejected by the Quote Validation rules.

Set Transaction Status to Incomplete if Quoted Submission is Modified

If checked, any changes to a transaction in Quoted or Underwriting Required status will cause it to revert to Incomplete status on saving, instead of recalculating the quote.  The transaction can then be re-quoted, either manually or automatically.

Allow Out of Sequence Endorsements

Allows endorsements to be created with effective dates that are earlier than other bound endorsements, and valid until dates before the end of the term.

If unchecked, new endorsements can only start on the same or later date than any other bound endorsement, and the valid until date must equal the end of the term or later.

Restrict Endorsements to Last Policy Transaction

Only allows endorsements to be created from the most recent transaction per policy term.  The transaction must be Bound to allow endorsement.  If the transaction is Declined, the next most recent transaction is enabled for endorsement.

Prompt for Endorsement Effective Date

This option is available when the Default option is selected for the Set Endorsement Effective Date to field. 

When checked, users will be prompted to enter the Effective Date of an endorsement into a detail window when they click on Endorse in the Actions widget.  

When the detail window opens, the Effective Date field will be populated with a date by default. If the current date is within the policy term, it will appear by default.  If the current date is later than the policy term’s Valid Until Date, the policy term’s Valid Until Date will appear by default.  If the current date is earlier than the policy term’s Effective Date, the policy term’s Effective Date will appear by default. 

When not checked, the system will use the Effective Date based on the selection of the Set Endorsement Effective Date to field.

Endorsement Source Transaction

This field is hidden and its selection is ignored when Restrict Endorsements to Last Policy Transaction is checked.

This option determines how the system should select a policy transaction from which to create an endorsement. When Default is selected, the data will be copied from the transaction used to initiate the endorsement.  When Latest Effective is selected, the data will be copied from the latest bound New Business, Renewal or Endorsement transaction whose coverage period includes the endorsement’s Effective Date, and whose Correction Type is not Void or Offset.

Allow Adjustments

Allows Adjustment transactions to be created.  Adjustments are used to make changes to the policy coverage for a specific period within the term.

Allow Declarations

Allows Declaration transactions to be created.  Declarations are used to provide required coverage information on a regular basis.

Enabling declarations causes monthly periods to be automatically defined on binding a new business or renewal transaction.  An endorsement that extends the term may also generate additional periods.  The periods will include the first month of the term (including a partial month) to the last full month of the term.  If the term ends partway through a month, that last month will be covered in the renewal.

Allow Quote Versions

Allows alternate versions of an unbound New Business or Renewal transaction to be created.  These quote versions are created to present additional choices with minor or major variations.

Quote versions are handled the same as normal transactions, with quoting and referrals.  When one version is bound, all alternates are put into Lost status.

Allow Insurers to Create / Edit Clients

Allows users from underwriter companies to create new clients and edit the client information in submissions.  If unchecked, the underwriters are not allowed to create or edit clients.

This permission only applies within submissions created under this master cover.  The user will also need to have the required security rights.

Premium Widget Display By Quote's Lowest

When quotes have been calculated but a specific quote has not yet been selected, the Premium widget displays a default quote.  Select how that default quote will be determined.

•    Amount

Of the suitable quote options, the one with the lowest premium will be displayed.

•    Sequence

Of the suitable quote options, the one with the lowest sequence number will be displayed.

Generate Invoice on Bind

If checked, an invoice is generated when a transaction is bound.  This invoice will include all charges for the current transaction that are ready for immediate invoicing.  If unchecked, all charges produced on bind will be handled through manual or scheduled invoicing.

Allow Online Payment

The Pay Now option will be available in the Premium widget after binding, allowing the user to make online payments directly from the transaction.  All invoices that include charges for the current transaction will be available for full or partial payment.

Note:  If the Separate Invoicing by Transaction option in the Billing Settings is not checked, the payable invoices may include charges from other transactions.

Select Action(s) For Notes Confirmation to Appear

When the user takes certain actions within the system, they may be given the opportunity to enter a note associated with the action.  Check the boxes for all actions where the notes option should be available.  The user always has the option to proceed without submitting a note.

Cancellation

Select the calculation method to be used when the system calculates the transaction’s premium, taxes, fees and commissions.

•    Prorating

The refunded premium will be determined by prorating the policy’s premium, taxes, fees and commission using the cancellation’s effective date.

For details on how prorating calculations are performed, see the Prorating and Adjustments section.

•    Rule Evaluation

The refunded premium will be calculated using premium values from one or more dynamic fields in the workflow.  The premium values can be produced by calculated fields, or brought in from external systems.  Multiple rules can bring in values for multiple premium types, including adding together multiple values for each premium type.  Taxes, fees, and commissions are then applied to each premium type using their respective settings.  Each premium type is rounded according to the Rounding Precision and Rounding Style specified in the Master Cover - General Settings page.

Reinstatement

Select the calculation method to be used when the system calculates the transaction’s premium, taxes, fees and commissions.

•    Reverse Cancellation

The premium is set to reverse any refund calculated for the associated cancellation transaction. 

•    Rule Evaluation

The premium will be calculated using premium values from one or more dynamic fields in the workflow.  The premium values can be produced by calculated fields, or brought in from external systems.  Multiple rules can bring in values for multiple premium types, including adding together multiple values for each premium type.  Taxes, fees, and commissions are then applied to each premium type using their respective settings.  Each premium type is rounded according to the Rounding Precision and Rounding Style specified in the Master Cover - General Settings page.

Bypass Prorating for the Following Premium Types

Check all premium types that should not be prorated when performing calculations.  The selected premium types are always calculated according to a period of one full year.

Bypass Adjustments for the Following Premium Types

Check all premium types that should not be adjusted when performing calculations on endorsements.  The selected premium types are not modified by other transactions.

Attachment Type Item

Identifies the selected attachment type.

Security Roles

Select all roles that should have access to this type.  A user will need to have at least one of the selected roles to select this type when attaching files, and access any attached files with this type.

Text

Ten columns can be added for text content (only the first three are displayed in the screenshot).  These can be used for Drop-down, Label, Radio Buttons, Text Area, Textbox, and Textbox (email) type fields.  For Drop-down and Radio Button fields, the code for the selected item is displayed.

Decimal

Three columns can be added for decimal values.  The three options are set to display a different number of decimal points, 2, 4, and 8.  Any digits after the selected number of decimal points are cut off, not rounded, but this is only for display and does not affect the stored value.

Integer

Three columns can be added for integer values.

Date

Three columns can be added for dates.