The Entity that the coverage protects. For example, The primary_named_insured on a Pet Insurance Policy would be the covered pet’s owner. Generally the primary_named_insured is the individual that applies for and pays for the Coverage under the Policy.
Rating Factors are the details about the Customer and the loss or liability that is being insured against. They are used to provide an accurate Rate and Quote to the Customer. As an example, a Pet Insurance program would require the Customer to provide details about their Pet. Factors like their pet’s age and breed are required in order to receive an accurate Rate. Rating factors are modeled as Insured Risks in the Boost Platform.
When Customers elect to purchase the Quote transforms into a Policy and requires an Effective Date. The field effective_date is always consistent in name, but conceptually there are several types depending on the relationship between the day a Policy is issued and when the Policy is considered in-force.
Standard Effective Date
The date a Policy becomes in-force. Any losses established within the term are eligible to be covered by Policy. The standard Effective Date of a Policy is the day after the Policy is issued.
Future Effective Date
The date for a Customer who does not need their Policy in-force until some time in the future. This tends to happen when a Customer already has insurance in place via another carrier, but has elected to move to your Product. In these cases the customer can select an Effective Date in the future.
Retroactive Effective Date
The date for Customers that need their policy to be considered in-force in the past. It’s possible that a Customer could have let their Coverage lapse or have some contractual obligation for new Coverage that needed to start before the Policy was issued.
Just like your Policy will need a start date, it also needs a term_end_date. This is the date that the Policy would cease to be in-force, generally 1 year from the Effective Date.
Quotes can only be converted into Policies for a set number of days before they expire. After the expiration date, identified by valid_until, the Application Document will become invalid and the Customer will have to submit a new Quote. The Quote Expiration Date is Product specific and is generally 30 days.
Updated almost 2 years ago