GuideWire Fundamentals EXAM
QUESTIONS AND ANSWERS
2024/2025 GRADED A+.

GuideWire Fundamentals EXAM
QUESTIONS AND ANSWERS
2024/2025 GRADED A+.
1. Every Policy will have these two things: Effective Date & Expiration Date
2. The Period oftime between theEffective Date andExpiration Date is called?-
: The Policy Term (Usually 6 Months or 1Year)
3. What is the difference between PolicyTerm and Policy Period?: Can bemultiple Periods
within a Term
4. Submissions are?: The transaction in GuideWire that will create a Policy, eitheras a Quote or Binded
& Issued.
5. Most Submissions do not end in a Policy because?: Insured does not qualifyfor the insurance or an
acceptable quote is not found.
6. What are Policy Changes?: They will change some aspect of the Policy beforethe Expiration Date.
Changes could be:
- Coverables added or removed from the Policy
- Coverages added or removed from Coverables
- Coverage Terms to be modified.
7. How is a Material Change different from a Policy Change?: Material Changewill affect the item
covered, eg Cars / Buildings.
8. What is Renewal?: Renewal happens at the end of a Policy, and usually a Policyisrenewed with the
same conditions as the previousterm and may include changesto coverables, coverages or premiums. If a
policy is not renewed then it will simplyexpire.
9. What is a Policy Cancellation?: Policies can also be cancelled (before its expiration date) either by
the insurer orthe insured either because a better quote wasfound with another provider or because the
insured did not keep up their premium payments.
10. What is a Reinstatement?: Reinstatements come after a policy is cancelled, and is then reinstated
with the original terms as before the cancelation.There is nochange to the effective or end dates, and no
lapse in coverage.
11. What is a Policy Rewrite?: Creates a new policy from an existing policy and istypically done when
an error is realised within the original policy. A Mid-Term Rewritealso rewrites a portion of a term while
maintaining the original or stating a new enddate.
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