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Background:

I am currently working for an insurance underwriting agency as a software developer and although I have got my head around a lot of the terms that are used I can't seem to find a name that is given to an insurance quote, policy and any renewals that are all related to the same risk.

Example:

For example if a client asks for a quote to insure a building they have just purchased and we take that enquiry and give them a quote. That quote is taken up and a policy is generated. At the end of the year we send out a renewal quote. That renewal quote is taken up and the policy is renewed etc...

All these are grouped together as they are all linked to the same client and building and it is likely that the client will expect to see a unique identifier or number that is common to all these policies and quotes but I can't for the life of me find a name for this chain. I want to call them a policy but have been assured that the policy is the contract that is generated to give the client cover for the year... SO...

Question:

What is this group or chain of enquiries, quotes, policies, renewals etc... called?

As mentioned it is mainly so I can create a reference and give it a name that the underwriters will understand and is accurate.

Feel free to edit this question as it's poorly worded but I can't think of another way of asking it!

GazB
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  • If it is of any help in this company it's all the information that is stored in the "Underwriting file". I know I could call it an "Underwriting File ID" or something but I feel there must be another recornised name for this chain of enquiry, quote, policy, renewal etc... – GazB Aug 02 '11 at 15:02

1 Answers1

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I don't think there is any universal term. Typically one can still use the EnquiryReference# and use it.
Some of the choices if I were to name and create are;
- Reference#
- UniqueReference#
- RelatedReference#
- Case#
- PolicyRelationshipReference#

or any other name which your underwriters will agree. There are always quite a few terms in an organisation that are only understood with the organisation and have no meaning outside or a very different meaning :)

Dheer
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  • Thanks we did in the end go with something like these after lots of discusions with our Underwriters and Management and came up with "UPRN" for "Unique Policy Reference Number" not my favorite as it's not really a "Policy Number". Management are stubon and just didn't understand the difference between a Policy (as in normally a 12 month insured period) and the chain of renewed policies over the years... BUT it is a name we can all use and it will prevent confusion and as its being shortened to 4 letters the "Policy" in it won't be mentioned so it will be fine. Thanks for your help. – GazB Aug 10 '11 at 07:41