Policy Features

Remember that policy data and aspects mirror those of the Quote so many of the fields and features will be familiar.

Primary Named Insured

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

Rating Factors are the details about the Customer and the loss or liability that is being insured against. They are used to determine eligibility under the Product and 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.

Effective Date

When Customer’s elect to purchase Coverage 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 coverage 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 there is a defined period in the future during which the customer can select an Effective Date.

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.

Term End Date

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 in-force and is generally one year from the effective_date.

Extended Reporting Period (ERP)

ERP allows an Insured to be reimbursed for a Claim that transpired during the Policy Period but was reported afterward. In the example below, the Customer purchased a commercial cyber policy as well as ERP. If there was a cyber hack that happened in year 1 but was not clear and reported until year 2 the then presence of ERP would allow the Insured to make a Claim despite the fact that the Policy is no longer in place.

ERP may only be purchased during the Quoting phase, at renewal, or at termination of the policy. This specialized coverage is only offered on a handful of Products so it’s unlikely you will need to worry about it.


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