ACORD Expert Messaging & Forms Implementation Flashcards
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Read the first 7 ACORD Expert Messaging & Forms Implementation flashcards as text
In ACORD XML, which data type is used for monetary amounts to avoid floating-point precision errors?
Answer: xs:decimal
ACORD XML schemas use xs:decimal for monetary amounts because it provides exact decimal representation without floating-point rounding errors.
An agency receives an ACORD IVANS download with a Policy Change transaction but the effective date is in the future. How should a compliant AMS handle this?
Answer: Store the pending change and apply it to the policy record on the specified effective date
Compliant AMS implementations must store future-dated policy changes and apply them when the effective date is reached, preserving accurate policy history.
What is the purpose of the ACORD 'Loss Information' section in the ACORD 125 Commercial Insurance Application?
Answer: Documents prior claims history and outstanding losses for underwriting purposes
The Loss Information section of ACORD 125 captures prior claims and loss history, which underwriters use to assess risk and set premiums.
Which ACORD Real-Time transaction type allows an agency to retrieve a list of open claims for a specific policy?
Answer: ClaimStatusInqRq
ClaimStatusInqRq is the ACORD Real-Time transaction used to inquire about the status of open claims associated with a policy.
In ACORD XML endorsement processing, what does a 'ChangeTypeCd' value of 'Add' signify within a coverage element?
Answer: A new coverage is being added to the policy mid-term
ChangeTypeCd='Add' within an endorsement transaction indicates that a new coverage or item is being added to the existing policy.
What ACORD standard defines the data dictionary for personal auto insurance data elements used across forms and electronic transactions?
Answer: ACORD Data Standards Manual
The ACORD Data Standards Manual is the authoritative reference defining data elements, codes, and definitions used across ACORD forms and electronic standards.
When mapping an ACORD 126 form (Commercial General Liability Section) to XML, which element captures the 'Each Occurrence' limit?
Answer: CovLimitAmt with LimitAppliesToCd='PerOccurrence'
ACORD XML uses CovLimitAmt combined with LimitAppliesToCd='PerOccurrence' to represent the Each Occurrence limit from the CGL section.