This is a detailed glossary of terms and definitions specifically related to the Core system.
Activity: An activity within Core refers to a task, action, or event designated to an agent, case manager, or other users to track progress, maintain records, and manage workflows within the system.
Actual Delivery Type: The method used to deliver the policy to the client.
Affiliation (Relationship Hierarchy): Connect agents with similar reporting interests, creating a structured hierarchy for comprehensive reporting at multiple levels, including the highest parent level. This hierarchy is essential for effective contracting and commission processes, ensuring each agent or agency is linked correctly. Affiliations also define specific restrictions for agent profiles, including rules of engagement and commission payout structures for each group of advisors.
- Parent/Level 1 Affiliation: The highest level in the affiliation hierarchy within Core. It represents the primary organizational entity or top-level grouping to which multiple agents or agencies are connected.
- Child Affiliation(s): The subordinate level(s) representing a subset of agents or agencies under the management or supervision of a parent affiliation.
App Type: Tracks the source of the application, such as eApp, Paper App, Drop Ticket, Conversion, etc.
Appointment Rule: A field where users can enter pre-appointment rules for a pending contract or appointment. These details appear on the dashboard under the "Contracts at BGA" and "Contracts at Carrier" tabs to assist in following up on contracting requirements.
Assignments: Roles that can be assigned to an agent record, such as Sales, Contract Manager, Internal Sales, etc.
Attachments: Files that can be saved to various records within the system, such as cases, agents, or agencies. There is no size limit for these attachments, allowing for a wide range of document types and sizes to be stored securely.
Beneficiary: The individual(s) who will receive the death benefit from an insurance policy.
BI: Refers to Core reports created using Power BI tools.
Campaigns: This section in Core is used by sales and marketing teams to create marketing campaigns and track agent participation. It also supports mass follow-ups by the sales team.
Carrier Alias: This is a shortened, easily recognizable abbreviation assigned to a carrier for simple identification and reference.
Case Hierarchy: Displays the hierarchy structure of each party involved in a transaction, showing who will receive commissions and the rates expected for calculation.
Case Review: This task, generated and assigned to the contract manager when a new business is entered in Core, requires attention, particularly when a validation check against carrier and state contracting requirements fails.
Case Type: There are three application types:
- Direct: Tracks cases learned about after they went Inforce, typically discovered through statements.
- Formal: Tracks an application through to Inforce.
- Informal: Tracks a proposed client’s intent to apply for insurance, with fewer required fields and a workflow to update the case to Formal.
Case Workflow: Tracks the steps of an application’s progression toward becoming Inforce, starting with “Await Case Manager Review” to alert the assigned case manager of a new entry in the system.
Classifications: A classification categorizes and groups agents according to their unique attributes or characteristics.
Commission Payer: The entity responsible for paying commissions to the agent or their upline, typically an Insurance Company (Insco) or BGA.
Commission Schedule: A schedule created by each BGA to set commission rates for everyone in the case hierarchy.
Communication Preferences: This section on an agent’s profile allows for setting preferences for communication type (email, phone) based on the nature of the communication (e.g., Commission, Contracting, Marketing, New Business, Policy Owner Services). Employees can also be added to the CC list for emails.
Compensation Hierarchy: Found within the hierarchy tab of an agent’s profile, this captures the affiliation that must be added for reporting and compensation purposes. If part of the commission hierarchy, it is termed a Compensation Affiliation.
Contact Rules: A field on an agent’s record that tracks how the agent prefers to be communicated with (e.g., Do Not Contact). It serves as an alternative to “Communication Preferences.”
Corporation: An organization categorized as either variable or fixed based on the types of products it offers. Select 'variable' only if the organization exclusively sells variable products.
CUSIPID: A unique nine-character identification number assigned to stocks and registered bonds in the United States and Canada, used for reporting and reference.
Dashboard: The “home” page of the system displays tasks and follow-ups for the user.
Days in Underwriting: The system tracks a case's duration in the underwriting process. It measures the time from the case's origin date to the final decision, whether it is In-Force, Closed, Postponed, or Withdrawn.
Design Notes: An open field associated with an opportunity, allowing users to add context.
Design Objective: A dropdown menu in opportunities to indicate the purpose of coverage (e.g., cash accumulation, death benefit, retirement).
Designations: Professional qualifications obtained by the agent, recorded on their profile.
Distribution Channel: Every affiliation must be linked to a distribution channel, which could be a broker-dealer, bank, independent account, or similar entity.
- Recruiter: In Core, a recruiter serves as a Level 1 affiliation within the distribution channel hierarchy.
Employee(s): Records added to an agent, agency, or carrier in the system, primarily for CRM purposes. Employees do not have access to the Core platform but are included in maintaining a comprehensive record of all individuals associated with a Core record, such as administrative staff, support personnel, or other non-licensed team members.
Files/Images: Documents can be saved on case, agent/agency, carrier, and vendor records.
Hierarchy: Added to an agent or agency to determine how carriers pay commissions or how the organizational structure is reported.
Inforce Copy: A function that allows users to create an exact duplicate of a case, except for the policy number, with the status of Inforce for commission purposes.
Insco: Core terminology for Insurance Carrier.
Intended Delivery Type: An agent's expected method to deliver the policy to the client.
LOA (Lines of Authority): Confirms the types of products an agent can sell based on state licensing requirements.
Modify Agent: The ability to update an agent’s name or commission percentage on a particular policy.
Multiple Policy: This function allows users to copy a newly entered case to create a replica. It is useful when clients apply for multiple policies at the same carrier with minimal changes.
NAIC: This is a unique identifier assigned to insurance companies by the National Association of Insurance Commissioners (NAIC).
Occupation Classes: Classify policyholders based on the risk level associated with their occupation. These classes can influence underwriting decisions and premium rates. Common occupation classes include:
- Class 1: Low-risk occupations (e.g., office jobs, administrative roles).
- Class 2: Moderate-risk occupations (e.g., skilled labor, certain technical roles).
- Class 3: High-risk occupations (e.g., construction workers, firefighters). This classification helps carriers assess the risk level of insuring individuals in various professions.
Offer Type: Documents on how the client was approved, such as "As Applied," "Other than Applied," "Conditionally," or "Better than Applied."
Opportunity: Pre-sales activities tracked on an agent’s profile.
Opportunity Scenario: Core allows users to create scenarios based on product type linked to opportunities created from different lines of business. Multiple scenarios can be created within a single opportunity.
Payment Modes: This refers to the different methods or frequencies by which premiums are paid to the insurance carrier. Common payment modes include:
- Annual: The premium is paid once a year (Factor: 1)
- Semi-Annual: The premium is paid twice a year (Factor: .5)
- Quarterly: The premium is paid four times a year (Factor .25))
- Monthly: The premium is paid every month. These modes provide flexibility for policyholders to choose how and when they make payments (Factor: 0.0875)
Quote Origin: The source from which the opportunity request was received.
Recruiter: A type of affiliation for recruiters or external sales, used for compensation and reporting hierarchies.
Referral Source: A field in the “Case Details” section that links the agent who referred the business to the agent handling it.
Requirements: Items needed from the agent to proceed with a case or contract in Core. This includes:
- Carrier Requirements: System checks for carrier-specific requirements on a case (e.g., E&O minimum, licensure in the state).
- Contracting Requirements: System checks to ensure the agent meets both carrier and state requirements for contracting.
Target Premium: The insurance company will base commission payments on the premium amount.
Underwriting Classes: Categorize applicants based on risk factors that affect their insurability and premium rates. Common underwriting classes include:
- Preferred: Individuals with the lowest risk and excellent health, leading to lower premiums.
- Standard: Individuals with an average risk and good health, resulting in standard premiums.
- Substandard: Individuals with higher risk due to factors like health issues, leading to higher premiums. These classes help carriers assess the risk associated with insuring a person and set appropriate premium rates.
Update Upline Contracts: Users can update reporting and commission hierarchies by adding uplines in the agent’s hierarchy tab or on a case's “Contracting” tab.
Web Notes - Notes that are accessible to agents through the Portal, providing them with important information and updates.
Writing Number: A contracting number the carrier provides for a particular agent or agency required to place business and release commissions.