Effective dates
In BriteCore, effective dates provide a chronological reference for managing versions of your coverages (lines of business) and rates. Effective dates serve as a historical record of changes over time.
An effective date ties your lines setup and rates to a particular date in time.
Example:
If you choose the effective date January 1, any policies effective on or after January 1 will reference the setup and rates of that effective date.
Policy referencing
Policies reference the most recent past effective date.
Example:
With a January 1 effective date, all policies will reference that effective date until a new effective date is created.
A policy references an effective date until it renews.
Effective date data
When you create a new effective date, BriteCore copies all the data from the most recent effective date and adds it to the new effective date. This process ensures your data follows a chronological path.
Example:
If a January 1 effective date exists and you create a March 1 effective date, BriteCore copies the January 1 effective date data to the March 1 effective date. Then, if you create an October 1 effective date, BriteCore copies the March 1 effective date data to the October 1 effective date.
Note: You should only work on one unlocked, future effective date at a time.
Locked effective dates
Once a defined effective date passes, it is locked, which means you can no longer alter the effective date setup and rates.
Example:
On January 2, you can no longer edit a January 1 effective date.
When an effective date is locked, you must create a new effective date to make any changes to your lines setup.
