Lines terminology
The following terms will help you understand lines in BriteCore.
Boolean
Boolean refers to a field that can be only true or false.
Business locations
Business locations determine where a client can write business. BriteCore currently supports locations in the United States and Canada. When setting up business locations, you can select states, counties, and specifications to divide counties into smaller, ratable units, such as beach and non-beach.
Calculations
Calculations use fields, rate tables, and other calculations to determine premiums, limits, and deductibles for an item.
Components
Components are tools for building lines. There are three types of components: line item groups, deductible groups, and premium groups.
Data fields
Data fields define the data that may be collected to rate a risk. The provided values are used for collecting data; creating underwriting rules; and determining the premium, limit, and deductible values.
Effective dates
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.
Field types
Field types are used to determine the kind of data that is being collected.
Forms
You can upload forms and other documents to policy types or line items and choose when, where, and how they appear on a policy.
Items
Items are the coverages, fees, and endorsement forms attached to a risk.
Limits
Limits refer to the maximum amount of money an insurer will pay. Items can have multiple limits, each with one of the following types: per risk, per occurrence, or policy aggregate.
Line items
Line items are individual items on a policy, which can be a coverage, endorsement, rider, or exclusion. Line items determine which coverage is or isn’t included in a policy. BriteCore currently has six types of line items: coverage, adjustment, non-rate, fee, calculation, and dividend.
Policy type
Policy type is a flexible term. It refers to either a line of business or a form within a line of business, depending upon your setup. Insurance agencies and agents may refer to a policy type as an insurance product or insurance package.
Rate chains
Rate chains are the step-by-step order in which the rate of a line item is calculated. Rate chains include tools to help users build and configure their product offerings (lines and policy types).
Rate tables
Rate tables store the data used to map inputs, such as data fields, other rate tables, or calculations, to outputs (a rate, factor, or anything else).
Risk types
Risk types are collections of data fields, coverages, and rating logic that model a real-world entity like a vehicle, home, or person. Risk hypes have four important concepts associated with them: fields, rate tables, calculations, and items.
String
String refers to a sequence of text-based characters, such as a driver's name, a phone number, a street address, or an underwriting question explanation.
Sublines
Sublines are collections of line items. You can use sublines to group coverages normally found together on a policy.
Supplemental questions
Supplemental questions capture additional information: underwriting questions, item descriptions, and schedules.
Underwriting rules
Underwriting rules use triggers, effects, and logic to add or remove line items or category options when a user selects a specified option while building a policy.