Oracle® Insurance Policy Administration 9.1.0.0.0 E15811-01

# Term Roles

Term roles designate the relationship an individual(s) or entity maintains on a term policy.

Note: The individual(s) or entity must be set-up as a client in the system in order to be assigned a role on a policy.

Product Template Term Roles

- Owner is a required role. There can only be one owner.

- Insured is required. This is the person who's life is covered by the policy.

- Primary Beneficiary is a required role. This is the person who receives the policy value in the event of the insured's death.

- Contingent Beneficiary is not required. This is the person who will receive the policy benefits if the primary beneficiary dies before the benefits become payable.

- Payer is a required role. This is the person (or persons) who is designated to acknowledge the monies receivable under the policy.

- Servicing Representative is a required role. This is the person who renders policy post-completion service to the customer.

- Writing Agent is required. This is the person empowered to write and issue policies on behalf of his/her insurer.