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Understand Insurance Policy Transactions and Transaction Details
Review the financial records generated by policy lifecycle events to understand how policy data is translated into billable transactions.
Required Editions
| Available in: Lightning Experience |
| Available in: Professional, Enterprise, and Unlimited Editions where Insurance Brokerage is enabled |
Insurance Policy Transactions and Insurance Policy Transaction Details represent the financial outcome of policy lifecycle events in a structured, billable format. These records form the financial bridge between policy lifecycle processing and billing, particularly for Agency Billing.
After a policy lifecycle event completes, the system translates the policy structure and pricing into financial records that downstream systems can consume. These records don’t modify the policy; they describe the financial impact of the event.
Conceptually, transactions and transaction details represent the data changes between the latest version of a policy and the previous version. Because Policy Issuance creates a new policy with no previous version, the transaction contains the aggregated premiums, fees, and taxes for the entire policy term. The transaction details contain the splits of each amount in specific detail records.
Insurance Policy Transactions
An Insurance Policy Transaction provides a summary view of a policy lifecycle event. It appears in the Insurance Policy Transactions related list on the policy.
During policy issuance, the system populates the record as follows:
- Transaction Amount: Stores the aggregated term premium at the policy level.
- Transaction Tax: Stores the aggregated term tax amount at the policy level.
- Transaction Fee: Stores the aggregated term fee at the policy level.
- Commission Amount: Stores the aggregated term commission at the policy level.
- Category: Set to Issuance.
- Effective From Date: Set to the policy's Effective From date.
Transaction Breakdown
The Transaction Breakdown process generates Insurance Policy Transaction Detail records. These records represent every component of the policy (Policy, Assets, Coverages) separated by specific charge types (Premium, Fee, Tax, Commission). The system creates a transaction detail record for every level of aggregation in the policy hierarchy.
Use the Transaction Breakdown component (LWC) on the Transaction record page to view this hierarchy. This granular data structure serves as the source for generating Billing Schedules.
