Specifying the reference date to use

After PolicyCenter determines the type of reference date, it must determine which reference date to use.

For example, the policy term has its own written and effective dates. These dates are the date that the policy term was created by a policy transaction and the policy’s start effective date, respectively. In contrast, a building added to a property policy mid-term has a written date that matches the written date of the policy change transaction that added the building. It has an effective date that matches the effective date of the policy change transaction that added the building. Further, a coverage added to the policy mid-term would have the written and effective dates associated with the policy transaction that added it.

For each coverage, condition, exclusion, and modifier, you can specify whether to use the written or effective date from the policy term, the coverable object, or the coverage itself. You configure the setting for each applicable object in Product Designer by displaying that object’s home page and using the Reference Date By list box in the Advanced section. Other product model patterns use the associated coverage, exclusion, condition, or modifier reference date when possible. For example, coverage terms use the reference date determined by their parent coverage.