The Policy Status and Revision Status allow users to select and quickly understand the state of a policy.
Revisions
A revision is the foundation of a policy and tracks the changes to a policy over time, including written premium. The following revision states indicate whether the revision's information is in effect:
|
Revision Status
|
Meaning
|
|---|---|
| Archived | The data associated with the revision was at one time in effect and is reportable |
| Committed | The data associated with the revision is in effect and reportable |
| Open | The data associated with the revision is in progress and, therefore, is neither in effect nor reportable |
| Pending | The data associated with the revision is in progress and, therefore, is neither in effect nor reportable |
Policy Status
Policy status indicates the current state of the policy and appears on each revision. To determine the current status of a policy, view the policy status on the most recent revision. The table below summarizes BriteCore's policy statuses and their meanings.
| Lifecycle |
Policy Status
|
Meaning
|
|---|---|---|
|
Policy |
Active |
Policy may be in effect
• If the revision is committed, the policy and/or endorsement is in effect • If the revision is not committed, the policy and/or endorsement is not in effect |
| Canceled | Policy is not in effect | |
| Cancellation Pending | Policy is currently in effect but will not be as of a future date | |
| Expired | Policy was non-renewed and is not in effect | |
|
Quote or Application |
Unsubmitted | Quote or application has not been submitted by the agent |
| Submitted | Application submitted but pending processing by an underwriter | |
| Rejected | Application rejected by an underwriter |
Policy Lifecycle
The diagram below illustrates a typical policy lifecycle.
Figure 1: Example of a typical policy lifecycle.