Policy producers
Most policies have only one producer associated with them, and that producer remains with
the policy for the entire term. In PolicyCenter, the producer is stored as an instance
of the Organization data model entity. A producer is associated with a
policy through a specific producer code.
The Policy resource stores producer information in the following
fields:
organization- The organization representing the producerproducerCode- The producer code that associates the producer with the policy
Changing a policy's producer
Sometimes, the producer on a policy will change mid-term. For example, the insured may be dissatisfied with the service provider by producer A and may request to have the policy serviced by producer B.
When a policy's producer changes, the two producers may agree that the original producer will retain commission for the current policy term, even though the new producer will be providing service for the policy. When this occurs:
- The original producer is referred to as the producer of record.
- The new producer is referred to as the producer of service.
PolicyCenter supports the ability to associate multiple producers with a policy and to designate a producer as either the producer of record or the producer of service. For more information on the business functionality of producers or record and producers of service, see the Application Guide.
When the producer
on a policy changes mid-term, the Policy resource stores producer
information in the following fields:
organization- The organization representing the producer of recordorganizationOfService- The organization representing the producer of serviceproducerCode- The producer code that associates the producer with the policy of recordproducerCodeOfService- The producer code that associates the producer with the policy of service
(If the producer has not changed, the organizationOfService value is
identical to the organization value, and the
producerCodeOfService value is identical to the
producerCode value.)