Oracle® Insurance Policy Administration 9.1.0.0.0 E15811-01

# Policy Basics

In order to create a policy in OIPA you need to understand the basic building blocks of a policy. There are five basic building blocks.

- Client

- Policy

- Role

- Segment

- Activity

Building Block Definitions

- Client is the person or entity that purchased a policy and is associated to a policy via a role.

- Policy is the information needed to define the foundation of the contract, such as issue date or free-look end date.

- Role is the association of a client with responsibilities or duties related to a policy, such as beneficiary, insured, owner or payer.

- Segment is a policy coverage, feature, rider or extension of a policy, such as basic coverage, AD&D or disability waiver.

- Activities are business processes, changes, additions, terminations and other action items that occur on a policy during its life cycle, such as premium payments, claim payouts or coverage lapse.

Using the OIPA system screens, you will enter all the information required to successfully create a policy. After a policy is created you can use the screens to make modifications to the policy as necessary.