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 Product 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.

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.

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 the level of support for multiple currencies. Values are:
  • Domestic - Policies are single currency and use the default currency.
  • Single - Policies are single currency and can use any of the supported currencies. Multicurrency must be enabled to use this option.
  • Multiple original - The policy is 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. Multicurrency must be enabled to use this option.
  • 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). Multicurrency must be enabled to use this option.
Activated
Creator
Last Edition Active

Product line Details tab

To view product line details, select Line in the left sidebar. Line appears underneath Product.

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.

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 the level of support for multiple currencies. Values are:
  • Domestic - Policies are single currency and use the default currency.
  • Single - Policies are single currency and can use any of the supported currencies. Multicurrency must be enabled to use this option.
  • Multiple original - The policy is 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. Multicurrency must be enabled to use this option.
  • 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). Multicurrency must be enabled to use this option.
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.