Effective dates overview

In BriteCore, effective dates provide a chronological reference for managing versions of your coverages (lines of business) and rates. Effective dates serve as a historical record of changes over time. An effective date ties your lines setup and rates to a particular date in time.

If you choose the effective date January 1, any policies effective on or after January 1 will reference the setup and rates of that effective date.

Policy referencing

Policies reference the most recent past effective date.

With a January 1 effective date, all policies will reference that effective date until a new effective date is created.

A policy references an effective date until it renews.

The effective date of a revision is the period where a specific set of coverages begins and ends. When any revision (New Business, Renewal, Endorsement) is committed, the effective date of that revision can not be changed.

If a new business revision is committed with an incorrect effective date a cancellation/re-write must be processed to correct the effective dates.

If an endorsement revision is committed with an incorrect effective date the endorsement must be archived, and a new endorsement would have to be made with the correct effective dates.

Effective date data

When you create a new effective date, BriteCore copies all the data from the most recent effective date and adds it to the new effective date. This process ensures your data follows a chronological path.

If a January 1 effective date exists and you create a March 1 effective date, BriteCore copies the January 1 effective date data to the March 1 effective date. Then, if you create an October 1 effective date, BriteCore copies the March 1 effective date data to the October 1 effective date.

Note: You should only work on one unlocked, future effective date at a time.

Locked effective dates

Once a defined effective date passes, it is locked, which means you can no longer alter the effective date setup and rates.

On January 2, you can no longer edit a January 1 effective date.

When an effective date is locked, you must create a new effective date to make any changes to your lines setup.