Set policy terms

You can define policies term lengths by state and policy type.

To enable:

  1. In the BriteCore menu, select Settings.
  2. In the Settings menu, select Modules, and then select Policies.
  3. Navigate to the Terms section and select a state from the states dropdown list.
  4. Select the checkboxes for each applicable policy term next to the policy type. Set the percentage/factor rate for each term. For each policy term, there’s a corresponding percentage of premium charged. Rating considers a one-year term as the base, so if a longer or shorter policy term is available, you can indicate what factor should be applied to the policy premium. For instance, if a policy is $100 for a year, but the term length selected is 18 months, then the premium of $100 would be multiplied by a factor of 1.5 to get a total of $150.
  5. Select the number of policy terms in the Reference New Credit Scores every <number of> Policy Terms dropdown list.

Note: A credit scoring vendor must be enabled and credit scores must be tied to rating. You can lock a contact’s credit score to a term for X terms. A credit score is locked to a term once the policy is issued (committed). If an effective date endorsement is created and a new score exists, the term will then reference the new score.