Carriers
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      Creating and Updating a Product

      This is an overview of how to create and update a product in Core.

      Before you create a product, make sure the Carrier record has data on the following tabs:

      • Payment Modes
      • Premium Components
      • Underwriting Classes
      • Occupation Classes
      • Riders

      Please take a look at the article on carriers here.

      Creating a Product

      While Core comes preloaded with a list of carriers, you will need to add the specific products each carrier offers. Creating a product in Core is necessary for several reasons:

      1. Customization: Allows you to add the specific insurance products you sell.

      2. Accuracy: Ensures that all product details are accurate and up-to-date.

      3. Efficient Management: Helps streamline policy management by having comprehensive product information readily available.

      Product Wizard

      Core includes a wizard to help you create new products. This step-by-step guide simplifies the process by walking you through each required detail.

      When entering limits in the system, use -1 to indicate that the system should automatically calculate any values that are "Over" a specified limit.

      Premium Component Guide

       

      For Annuity Business: Set Annuity Premium as the required component.

      For Disability, Long Term Care, Medical Supplement, and Term Life: Set Basic Premium as the required component. Include a checkbox to indicate if the policy fee is non-commissionable and needs to be listed separately.

      For Permanent Life and other product types: Set Target Premium as the required component. 

      A more comprehensive guide on Core Premium Components can be found here.

      Important Terms

      Age Calculation Type: Refers to the method used to determine an applicant's age for underwriting and premium calculation purposes. Common age calculation types include:

      • Actual: Age based on the last birthday.
      • Nearest: Age based on the nearest birthday (either before or after the application date).

      Excess Premium Indicator: This is a checkbox on Step 6 for you to indicate if the product allows for excess premium payments (additional premiums paid above the required amount).

      Product Code: An abbreviated name or identifier for a product. The product code is used for quick reference and often consists of a few characters that uniquely represent the product.

      Variable Product Indicator: This is a checkbox on Step 1 to indicate if the product is a variable product.

      Interactive Tutorial