GUIDEWIRE POLICYCENTRE PROFFESIONAL

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GUIDEWIRE POLICYCENTRE PROFFESIONAL

EXAM NEWEST 2024-2025 ACTUAL EXAM

COMPLETE 100 QUESTIONS AND CORRECT

DETAILED ANSWERS (VERIFIED ANSWERS)

|ALREADY GRADED A+

what is asynchronous quoting and under what conditions is it enabled? (2) Which LOBs support it? (5) - CORRECT ANSWER-Runs the quote processes in the background in the

following conditions:

• Asynchronous quoting is enabled
• Number of coverables exceeds a threshold

Supports - Commercial auto (for vehicles), Business owners (for buildings), Commercial property (for buildings), General Liability (for exposures), Worker's comp (for covered employees)

Quote --> Alert Message --> Quoting runs in the background --> quoting completes --> Unlocks --> creates activity --> clicking activity page shows the quote 1 / 4

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What is 2 step quoting - CORRECT ANSWER -Step 1 - Validates the policy data/rates the policy Step 2 - completes the post rating tasks like generating forms and raising UW issues.

This process waits for the user to accept the quote if they are satisfied

Instead of the "Quote" button, you will see a "Rate" button in the first step

In base configuration, 2 step quoting is available for Commercial Property

Policy File details (on left hand side bar) (11) - CORRECT ANSWER-1. Summary - concise info about policy file

• Billing - view overall balances for policy periods
• Contacts - list all contacts associated with a policy
• Participants - lists users interacting with a policy by role
• Policy Transaction - displays summary info about all policy

transactions that have occurred on the policy

• Notes - view and search notes related to the policy 2 / 4

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• Documents - view and search documents related to the policy
• Risk Analysis - issues that may affect the policy (UW issues,

claims, prior policies, prior losses, contingencies)

• Reinsurance - insurance risk transferred to another insurance

company to all or part of the liability

• History - view and search historical events pertaining to

policy

• Financial Transactions - an internal tool used for rating

while developing the application (only people with the "InternalTool" permission can see this screen

Preemption - CORRECT ANSWER -2 transactions are initiated from the same base period - a transaction starts while another is in progress

The first job that finishes/gets bound "wins out" and the losing job has to be modified to handle the preemption

• statuses of policies getting renewed - CORRECT ANSWER -

Renewed Not Taken Non-renewed

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How to override an automatic renewal - CORRECT ANSWER - Pre-configure renewal directions - this puts the expiring term into either automatic nonrenewal or manual renewal

Interrupt renewal - If you start a renewal and then change the existing policy, what happens? - CORRECT ANSWER -If the renewal is unbound, the policy change can be added to the renewal

Rewites - CORRECT ANSWER -You must cancel a policy to rewrite it

Full term rewrite (discards the original policy and policy term) Mid term rewrite (retains part of the original policy)

Which policy jobs can not be out of sequence? - CORRECT ANSWER-Submissions, renewals, and audits

What is an out of sequence transaction? - CORRECT ANSWER-When a change is made after the first one is bound but is supposed to go effective before the first change (if no conflict, PC will merge the changes, if there is a conflict, the user decides what to keep)

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