Products and product lines

A product is an insurance product, such as personal auto or commercial package, that an insurance company offers for sale to its customers. A product sale results in a policy. A product line, sometimes referred to as line, is contained in a product. Multiline products contain one or more product lines.

The APD App product may have been created from a mind map or created directly in Advanced Product Designer App. In Advanced Product Designer App, you can view, modify, and enhance the product.

Fields on product page

To view the product page, select in the left sidebar. The Product Model > Info page displays these buttons at the top:


Button	Description
Change Edition	Change to another edition.
Add Product Line	Add a product line. Enabled if no product lines are defined for this product.
Edit `Product`	Edit this product.


Button	Description
Change Edition	Change to another edition.
Add Product Line	Add a product line. Enabled if no product lines are defined for this product.
Edit `Product`	Edit this product.

About this edition

About this edition displays the following fields:


Field	Description
Edition	The name of the current edition.
Description	A description of the edition.
Active
Effective	The date that changes in the edition become effective. A change remains in effect until a change in a later edition supersedes it. The Base edition has no effective date.
Jurisdictions	Lists the jurisdictions in this edition.


Field	Description
Edition	The name of the current edition.
Description	A description of the edition.
Active
Effective	The date that changes in the edition become effective. A change remains in effect until a change in a later edition supersedes it. The Base edition has no effective date.
Jurisdictions	Lists the jurisdictions in this edition.

About `Product`

About Product displays the following fields:


Field	Description
Product Name	Name of the product.
Product Description	Description of the product.
Account Type	Specify the type of account that can take out policies for this product: Any – Both companies and people Company Person This affects which product are listed for a new submission.
Currencies	Specify currency in the product. Values are: Domestic - Policies are single currency and use the currency defined in config.xml. Single - A policy will be in a chosen currency. However, any number of currencies can be defined in the system. Multiple original - The policy is multi-currency. Premiums and sums insured can be defined in any number of currencies. There is a single settlement currency into which all amounts a converted for billing (this cannot be the main policy currency). Multiple settlement and original currencies - – Original currencies as above, but may bill in a number of settlement currencies (typically based on the countries of risk). PolicyCenter must be configured to support this.
Activated
Creator
Last Edition Active


Field	Description
Product Name	Name of the product.
Product Description	Description of the product.
Account Type	Specify the type of account that can take out policies for this product: Any – Both companies and people Company Person This affects which product are listed for a new submission.
Currencies	Specify currency in the product. Values are: Domestic - Policies are single currency and use the currency defined in config.xml. Single - A policy will be in a chosen currency. However, any number of currencies can be defined in the system. Multiple original - The policy is multi-currency. Premiums and sums insured can be defined in any number of currencies. There is a single settlement currency into which all amounts a converted for billing (this cannot be the main policy currency). Multiple settlement and original currencies - – Original currencies as above, but may bill in a number of settlement currencies (typically based on the countries of risk). PolicyCenter must be configured to support this.
Activated
Creator
Last Edition Active

Product line Details tab

To view product line details, select

in the left sidebar. appears underneath .

The Info page displays these buttons at the top:


Button	Description
Add Child Object	Select: Add Risk Object Add Exposure
Edit `Product`	Edit details for this product line.


Button	Description
Add Child Object	Select: Add Risk Object Add Exposure
Edit `Product`	Edit details for this product line.

About `Product Line`

When creating a new product line or editing an existing product line, you can edit and add line details in the Element Details tab.


Line Name	The name of the product line.
Line Identifier	A unique identifier for the new product line. For example, use SmBus for a Small Business product line. See Labels on product and product line.
Line Prefix	A unique 3-character code for the product line. See Labels on product and product line.
Line Description	Description of the product line.
Currencies	Specify currency in the product. Values are: Domestic - Policies are single currency and use the currency defined in PolicyCenter. Single - Policies will be in a chosen currency. However, any number of currencies can be defined in the system. Multiple original - Policies are multicurrency. Premiums and sums insured can be defined in any number of currencies. There is a single settlement currency into which all amounts are converted for billing. (The settlement currency cannot be the main policy currency.) Multiple settlement and original currencies - – Multiple original currencies as above, but may bill in a number of settlement currencies (typically based on the countries of risk). PolicyCenter must be configured to support this.
Product Line Type	Defines the coverage types as well as where those coverages apply (policy or risk object covering single or multiple risks, for example) that will be available for the defined product line.


Line Name	The name of the product line.
Line Identifier	A unique identifier for the new product line. For example, use SmBus for a Small Business product line. See Labels on product and product line.
Line Prefix	A unique 3-character code for the product line. See Labels on product and product line.
Line Description	Description of the product line.
Currencies	Specify currency in the product. Values are: Domestic - Policies are single currency and use the currency defined in PolicyCenter. Single - Policies will be in a chosen currency. However, any number of currencies can be defined in the system. Multiple original - Policies are multicurrency. Premiums and sums insured can be defined in any number of currencies. There is a single settlement currency into which all amounts are converted for billing. (The settlement currency cannot be the main policy currency.) Multiple settlement and original currencies - – Multiple original currencies as above, but may bill in a number of settlement currencies (typically based on the countries of risk). PolicyCenter must be configured to support this.
Product Line Type	Defines the coverage types as well as where those coverages apply (policy or risk object covering single or multiple risks, for example) that will be available for the defined product line.

Configuring the default transaction settings for an edition

When you create a new policy transaction such as a policy change, cancellation with rewrite, cancellation with reinstatement, or renewal, you must specify whether to use the stored product edition or the latest product edition. The edition of a product that is used to create a policy is called the stored edition. It is possible that later editions are created after the policy is created, and that one or more of these editions is still in effect.

You can configure the default transaction settings for an edition under Element details for the product line. The recommended settings are as follows:

Use Stored Product Edition For Policy Change: Yes
Use Stored Product Edition For Renewal: No, always use the latest edition.
Use Stored Product Edition For Reinstatement: Yes
Use Stored Product Edition For Rewrite: No, always use the latest edition.

Elements

From this part of the page, you can access Attributes, Coverages, Conditions, and Exclusions.