Creates a standard policy, step policy (DLM model), or step policy template (DLM model) depending on the parameters specified in the request.
Broadly, a policy is an insurance contract between a buyer (the cedant) and a seller (the underwriter) that transfers risk in exchange for some premium. This insurance contract applies to an account for a specific peril. The policy covers all locations assigned to that account.
Multiple policy coverage entries can be assigned to a policy. Policy restrictions and limits can be defined on a location-by-location basis as policy conditions.
Standard policy
A standard policy follows a traditional insurance payment structure where the payout is based on the terms and conditions specified in the policy without any step-like intervals.
A standard policy is distinguished from a step policy by having a Standard structure. Step policies have a Step structure.
The standard policy is defined by a blanketLimit, blanketDeductible, policyNumber, and status. The cedant and underwriter are specified in the account.
Batch Processing
Use Bulk Edit Exposures to create, update, or delete multiple exposures (portfolios, accounts, locations, policies, or treaties) in a single request.
Step policies (DLM model)
A step policy is an insurance payment structure that follows a step-like function, where the payment amount is a prescribed value over a certain interval (step) and jumps to another prescribed value in an adjacent interval. Payout occurs when losses match criteria specified for a one of the steps.
A step policy is distinguished from a standard policy by having a Step structure. Standard policies have a Standard structure.
This operation supports the creation of intervals within a step policy. Each step in the step policy is defined by an inceptionDate, expirationDate, policyNumber, and status. The lob, newCauseOfLoss, and limitGU parameters are optional. All of the steps in a step policy share the same accountId, coverageBase, and structure (i.e. Step).
Step Policies (HD model)
Intelligent Risk Platform also supports HD step policies. HD step policies are modeled by the HD model framework and support the modeling of complex step policies that are used some regional insurance markets. For information on HD step policies, see the HD Step Policy collection of operations.
Step policy template (DLM model)
A step policy template is an outline of step policy that has not been is assigned to an account.
A tenant may want to the define a multiple templates for creating step policies and then use that template to quickly assign an instance of that step policy to an account.