Risk types model the fields, rate tables, calculations, coverages, endorsement forms, and fees.
Example: The Personal Auto LOB includes an Auto and Driver risk type as the coverages that follow both entities represent the total exposure on the policy. Individual risks are instances of risk types on policies.
To add a risk type:
- In the BriteCore menu, select Lines.
- In the Lines of Business list, select the applicable line of business.
- On the Line Overview screen, select the applicable product.
- On the Product Overview screen, in the Policy Information box, select Add a Risk Type.
- In the Create Risk Type dialog box, complete the following steps:
- In the Label box, type the name of the risk.
- Select the Reference Name box to auto-populate a reference name based on the risk type’s label.
Note: You can change the auto-populated Reference Name to fit your needs.
- In the Description box, type a description of the risk type.
- In the Parent Risk Type dropdown menu, select the risk type’s parent if applicable.
- Select Create Risk Type.
The risk type you added appears in the Risk Types list.