Oracle® Insurance Policy Administration 9.1.0.0.0 E15811-01

# Create a New Policy

You can create and manage policies in OIPA through the Policy screen. You will associate each policy with a company and plan. You can also create a policy name to make it easier to find your policy during a policy search.

Refer to term policy life cycle to see an example of the stages a term policy moves through from creation to termination. Refer to variable annuity life cycle to see an example of the stages a variable annuity policy moves through from creation to termination.

Steps to Create a New Policy

1. From the Main Menu, select Policy | New. The left navigation menu will contain the links for each section of the policy.

2. Enter the basic policy information.

- Company is the company the policy is associated with. You can have multiple companies or subsidiaries or just one primary company.

- Plan is the brand name of the company’s proprietary product.

- Plan Date is the date used to record policy application information.

Note: The entry date can be used as a cross reference for state approval requirements. This date can be back-dated or forward-dated.

- Issue State is the state where the policy is going to be effective. This field allows you to cross check against state insurance requirements.

- Policy Name is an optional secondary identifier for the policy. This helps identify policies during a search.

- Policy Status shows a policy's current status. This is updated according to the activities applied to the policy.

- Policy Number is the unique identifier for the policy. This is automatically generated once a policy is created.

3. Enter the specific policy information. This will vary for term and variable annuity policies.

4. Select the Save button when you are finished.

Once you save a new policy the Policy Number field is populated with a unique policy number. You will now need to assign roles, segments and activities to the policy to bring it into active status.

Note: You will not be able to add activities or segments until the policy roles have been assigned.