General

Attachments The name of the tab where documents are stored, whether that be documents for a contact, policy, or claim
Deliverables Any documents produced by BriteCore, such as Declarations, invoices, and cancellation notices


Billing

Combined billing statement A billing statement coversheet for policies that are linked together
Escrow billing The invoice is sent to, and paid by, the mortgagee rather than the insured
Suspense account A designation for money received by an insurance company that cannot currently be applied to a receivable; similar to prepaying a bill that hasn't been sent yet


Claims

Adjuster A person who investigates a claim; can either work for a company independent from the carrier or work for the carrier
Claim A request for payment by an insured due to a loss that is covered under their policy
Catastrophe A large magnitude loss with little ability to predict, such as a tornado
Losses incurred The total amount of money the carrier expects to pay on a claim; the amount paid + reserves
Peril The cause of loss, such as fire, wind, or hail
Recoveries Amounts an insurance company recoups when a claim occurs, which could be from a reinsurance company, from another insurance company or vendor (subrogation), or from selling the scrap from a loss (salvage)
Reinsurance Insurance for insurance companies
Reserves Money set aside to pay a claim


Lines

Subline A group of line items


Policies

Cancellations

Flat cancel When a policy is canceled on its effective date

Lines

Line of business Classification of business written by an insurance carrier, such as homeowners, mobile homeowners, farmowners, and businessowners
Loss exposure group A way to group coverages on a policy; often used on farms to insure multiple buildings (e.g., farm house, barn, or hoghouse) and property items (e.g., tractors or combines) over a large geographic area

Premium

Earned premium The cost of a policy per day; for example, a policy with a written premium of $365 earns $1 of that premium per day
Premium records The daily log of written, earned and unearned premium
Pro-rata premium The cost of a policy for the remainder of the term when the premium is changed
Written premium The cost of a policy

Processing

Commit date The date the revision (or endorsement) is put into force
Endorsement A change to a policy, such as increasing coverage, decreasing coverage, or changing the mortgagee
Mortgagee A lender, typically a bank
Persistent builder A BriteCore-specific tool that helps reconcile a policy's coverages when the policy renews onto a new lines effective date
Premium records The daily math of written, earned, and unearned premium
Reinstatement Putting coverage back in-force after a policy cancels
Revisions Changes on a policy over time; can also be referred to as endorsements


Reports

Certificate of mailing A report that shows which deliverables that printed need to be certified by the United States Postal Service that they were mailed to the insured, such as a cancellation notice


Feedback

Report unclear or missing documentation.