Issue a policy

This task assumes that the required policy structure and system configuration already exist. Complete these prerequisites before issuing a policy:

• Create an insurance policy that serves as the parent record for assets, participants, coverages, and surcharges.
• Add insured assets or insured participants to define what or who is covered by the policy.
• Add coverages under an asset or participant to define the insured risks.
• Add surcharges to define taxes and fees for billing, proration, and refunds.
• Enable insurance policy transaction and transaction detail generation for policy lifecycle events in setup.
• Set the Billing Type field on the policy to a value that matches the billing types configured in your Agency Billing setup. Changing the billing type after issuance may affect the policy's eligibility for the Send to Billing action.

When you issue a policy, the Issue Policy service performs the following actions automatically:

• Updates the Policy Stage to Issued.
• Calculates term amounts based on the policy effective dates.
• Calculates Term Premium and Term Amount values based on Standard Premium and Surcharge Amount inputs and aggregates those Term values from coverage-level records to asset and policy levels.
• Creates an Insurance Policy Transaction for the issuance event.
• Generates Insurance Policy Transaction Detail records that break down amounts by:
  • Policy
  • Asset or participant
  • Coverage
  • Surcharge
• Locks the Issue action to prevent re-issuance.
• Crucially, it generates Insurance Policy Transaction and Insurance Policy Transaction Detail records, which serve as the connecting tissue for the billing engine.