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Vlocity Insurance Test Questions

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Vlocity Insurance Test Questions where are attributes defined? - ✔✔Attributes are defined within an Attribute Category and they are given a name and a code Attributes are assigned to what? - �... �✔Attributes are assigned to Specs such as "Coverage Spec" and possible values can be defined for them what happens when Child Specs are added to a Root Product? - ✔✔when Child Specs are added to a Root Product, their Attributes can be customized for that Root Product. Attributes can also be assigned at the Root Product level. can Attribute settings include information for input to rating? - ✔✔True what is a Root Product Spec? - ✔✔the top level spec that defines a whole insurance or heath product. It includes one or more of the other kinds of specs. The record type used for this is "Product" What is an Insured Item Spec? - ✔✔Is the spec that models a piece of property that a product will insure. Some examples or insured items include vehicles, boats and homes. The record type used is "Insured Item Spec". Not all insurance and health products include insured party specs. - ✔✔True Auto insurance products and life insurance products typically include insured party specs. - ✔✔True The Root Product could be a small business insurance plan, a small business health plan, or some other type of plan/product which is to be sold or offered. - ✔✔true when the Root Product is configured, multiple Child Specifications (Specs) are added to it such as to define the coverage it provides. - ✔✔true Attributes can only be assigned to Specs - ✔✔False. Attributes can be assigned to both the Root Product and the Specs, but especially to the specs. what is a Spec? - ✔✔A Specification is essentially a collection of Attributes ex: insurance item spec, insured party spec, coverage spec, rating fact spec. what is an Attribute? - ✔✔Building blocks that capture features and characteristics, they differentiate one Spec from another. there are multiple types of Child Specs including Coverage Specs, Insured Item Specs, Insured Party Specs and Rating Fact Specs - ✔✔True An insured item Spec is used for? - ✔✔For items/things that your product cover An Insured Party Spec is used for? - ✔✔For People that your product covers. A Coverage Spec is used for.? - ✔✔Benefits and Coverages that your products provide. A rating fact spec is used for? - ✔✔Other data for pricing/rating such as group information or past claim data There can be only Child Spec of the same type added to a Root Product - ✔✔False. There are often multiple Child Specs like Coverage Specs added to a Root Product to define coverages that product offers. The Root Product and the Child Specs are all defined as Salesforce Products, but each has a different Record Type - ✔✔True Coverage Specs apply to all of the lines of business (health small group, multi auto, Insurance small business) but the other Specs may not. - ✔✔True what type of Specs apply to Quoting for Insurance - Sma [Show More]

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