This group refers to the Prior Policy History Group (like the previous carrier, policy number, etc). The relevant historical information pertaining to this policy is contained in this common element group. It has nothing to do with Loss History in any manner (Loss History is related to Claims). Any particular transaction may employ as many groups as are necessary to include the relevant Prior Policy History.
All business lines utilize this group. If a line requires more information, it will define a line of business-specific history groups to hold the extra data. The unique group for the line of business is joined to the proper common group.
Some of the elements in this group related to the history of the policy are:-
Company Code – The NAIC code of the previous carrier company.
Company Name – If the company code is unknown or not available, use the company name.
Policy Number – The unique reference number given by the insurance provider to identify the policy.
Policy Terminated Code – If this insurance was terminated for any reason during a given time period, it will be shown by this data element.
Policy Transfer Indicator – A code used to indicate that a policy has been transferred from one carrier to another within an agency at some point in time.
Line of Business Code – The prior policy’s type of insurance is communicated through the Line of Business code.
Producer Name – The producer’s name from the previous policy.
Expiration Date of Prior Policy – The day that the previous policy expired, was terminated, or will do so soon.
Inception Date of Prior Policy – The day that the policy first went into force.
Liability Per Accident Amount – The amount of liability protection per accident that the previous carrier provided.
5OIC (Other Insurance With Company Group) –
This element group is used to describe additional insurance that the insured (or insureds) would have provided in their insurance application to indicate what other insurance they have with the same insurance carrier.
In every particular transaction, as many groups as necessary to contain the relevant information may be sent.
Some of the important elements in this group for every other policy are:-
Company Product Code – A company-specific code identifying the product category under this policy.
Original Policy Inception Date – Prior to the start date of this policy, this data factor suggests that the insured had a policy with this company for a while.
Policy Effective Date – The day the policy officially starts.
Policy Expiration Date – The expiration date of the policy.
Line of Business Code – The Line of Business code tells the carrier what kind of insurance the insured has under a different policy.