Quote screen for homeowners
The quote process for the homeowners line of business includes validation, rating, generating underwriting issues, and generating forms.
Selecting the Quote button generates a quote and displays it on the read-only Quote screen. This screen contains the basic information at the top including the total premium and taxes and surcharges. The bottom of the screen displays a breakdown of the premium.
Within the Quote screen, your choices at this point include:
- Editing the policy (and thereby invalidating the current quote)
- Creating a new version of the policy
- Saving a draft of the policy
- Binding or issuing the policy
- Withdrawing, declining, or not taking the policy
- Printing the policy
In addition, Guidewire Rating Management provides a rating system which includes a set of tools to manage and maintain rating in PolicyCenter.
If you have Guidewire Rating Management, the Policy Premium tab has a Show Rate Worksheet button.
When multicurrency display is enabled, the Quote screen displays all amounts in the settlement currency.
Quote-time validation
The user interface does not require that you specify all rating-required fields before leaving the screen where they appear. Therefore, you need not have the answers for many of the questions required to obtain a quote during the initial data entry process. However, PolicyCenter performs validation on these rating-required fields and raises any errors prior to attempting to obtain a quote from the rating engine. PolicyCenter runs the same validations at quote time as it runs when exiting the Dwelling and Dwelling Construction screens. However, any issues raised at quote time result in errors instead of warnings. You must correct all errors must before rating can proceed.
See also
Policy Premium tab
The Override Rating button allows you to manually override the premium that the rating engine automatically generates for a policy. For more information, see Rating overrides.
Disclosing base premium amounts is a requirement of homeowners insurance that is not applicable in most other lines of business. The base premium value is calculated on the base coverages for the policy, including the default limits and terms for those coverages. When non-default limits or terms are selected for base coverages, these adjustments to the base premium are listed separately.
Due to base premium disclosure requirements in homeowners policies, coverage term values listed in the Base Premium section of the quote are not necessarily the ones specified for the policy. Instead, the coverage term values are the default term values used in the base premium calculation.
Non-default terms and values, and their associated adjustments to premium are listed in the Adjustments to Base section. Additional coverages and their limits, terms, and associated premiums are listed in the Other Premiums section.
See also
Cost Change Detail tab
In all job other than submission jobs, the Quote screen includes a Cost Change Detail tab. The information on this tab provides the offset and onset transactions associated with the job. The cost change subtotal appears at the bottom of the screen.