API Reference

Create policy

post
https://{host}/platform/riskdata/v1/exposures//policies

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.

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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).

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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.

Path Params
int64
required
≥ 1

ID of EDM.

Body Params
string
required

Number of policy.

int32

ID of account. Policy terms cover locations attached to the account.

lob
object

Classification of business, e.g. auto, commercial, personal, or residence. Required for some types of reinsurance.

Determines level of output if the granularity specified in output profile is based on the LOB (e.g. Cresta by LOB).

string
enum

Peril covered by policy.

Allowed:
string
enum
required

Processing status of policy.

string

Start date in 8601 format, e.g. 2020-01-01T00:00:00.000Z

string

End date in 8601 format, e.g. 2020-01-01T00:00:00.000Z

currency
object

Currency of policy.

double

Percentage or currency amount of policy layer. If blanketLimit is a percentage value, must be currency amount.

double

Amount at which the policy begins to take losses.

double

Minimum amount taken by policy regardless of location coverage or site deductibles.

double

Maximum amount taken by policy regardless of location coverage or site deductibles.

double

Maximum amount covered by insurer for the specified peril, as a percentage or currency amount.

double

Amount or percent of total exposure.

  • If policy has single deductible, applied to all locations and all coverages.
  • If policy has multiple locations, based on all location values, not just locations damaged.
double

Amount insurer or reinsurer charges to provide coverage described in policy.

int32

Not used. Retained for legacy purposes.

int32

Not used. Retained for legacy purposes.

string
enum

Structure of policy.

  • If Standard, policy is standard policy.
  • If Step, policy is step policy (DLM model).
Allowed:
string
enum

Coverage by layer of step policy, e.g., for some layers, the trigger point may be calculated based on the building damage only.

string
enum

Payment limits by layer in step policy. Used in modeling of step policies.

Allowed:
string

User-defined note.

string

User-defined note.

string

User-defined note.

string

User-defined note.

boolean

Not used. Retained for legacy purposes.

To avoid potential issues, do not set as false unless instructed by Moody's RMS.

string
enum

Collection of perils that enables a policy to cover more than a single peril. Not considered for accumulations. Applicable to HD models only.

double

Deductible expressed as a percentage of loss for coverage or combination of coverages. As the loss increases, the deductible amount increases. HD models only.

string
enum

If YES, is franchise deductible. If NO, deductible is conventional.

Allowed:
double

Amount of minimum aggregate deductible for standard policies. No payout occurs until this deductible is satisfied. Lower level deductibles (e.g., site deductibles) erode this policy-level term. HD models only.

double

Amount of maximum aggregate deductible for standard policies.

double

Limit of the aggregate deductible layer.

Responses

Updated over 1 year ago

Language
Credentials
URL
Response 
 Choose an example:
*/*
application/json
Updated over 1 year ago