Policy Processing System definition

Policy Processing System for Umbrella Online policy quoting, which will be integrated with the Customer's BOP policy information. The Policy Processing System will also allow the Customer's underwriters to quote an Umbrella Online policy based on a stand-alone request. As set forth in Exhibit I, eBOP system edits are built based on the Customer Commercial Lines Umbrella Online program underwriting and rating guidelines. IMS will automatically determine risk acceptability based on these edits.
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Policy Processing System to provide full processing for all BOP policy requirements (as specified in this Exhibit), while managing the entire policy process (new business, quoting, renewals, change endorsements, cancellations, and reinstatements). When an audit response is returned to IMS, IMS will process the appropriate credit or debit to the policy, and send follow-up correspondence with an explanation of the reason(s) for the change in policy premium. To assist in this process the Policy Processing System utilizes the Group 1, Code 1 software. This product not only recognizes and corrects incorrect addresses, but also draws in the city and state information thereby expediting the data entry process whether through the Internet or the exception processing procedures. Access to the Policy Processing System is based on user authority, with security at both the menu option and function levels. These authority levels govern access by IMS' internal resources as well as the designated external users. System edits are built based on the Customer eBOP Program underwriting and rating guidelines. IMS will automatically determine risk acceptability based on these edits.
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Related to Policy Processing System

  • Information processing system means an electronic system for creating, generating, sending, receiving, storing, displaying, or processing information.

  • Processing facility means an establishment that prepares, treats, or converts tangible personal property into finished goods or another form of tangible personal property. The term includes a business engaged in processing agricultural, aquacultural, or maricultural products and specifically includes meat, poultry, and any other variety of food processing operations. It does not include an establishment in which retail sales of tangible personal property are made to retail customers.

  • Processing Plant means plant systems, located on or off the Leased Premises, that include a gas processing plant, natural gasoline plant, gasoline plant, or other plant where raw unprocessed natural gas is processed to remove or extract Raw Mix from the natural gas stream to produce a Pipeline- Quality Natural Gas or Residue Gas and other products, and the Raw Mix is then either (i) separated by fractionation down to its base components prior to storage and/or transport that meets or conforms to all applicable Gas Processors Association (GPA) Standards and/or Specifications for the commercial sale of each liquefiable hydrocarbon product, or (ii) transported to another plant for separation down to its base components by fractionation prior to storage and/or transport for the commercial sale of each liquefiable hydrocarbon product. Any deductions, costs, or processing fees associated with the removal or recovery of Natural Gas Liquids is strictly limited to only that part of any Processing Plant or facility where Raw Mix is recovered, and if applicable at that plant, also fractionated to their component parts.

  • Cannabis processing facility means a person that:

  • processing aid means any substance not consumed as a food ingredient by itself, intentionally used in the processing of raw materials, foods or their ingredients, to fulfil a certain technological purpose during treatment or processing and which may result in the unintentional but technically unavoidable presence of residues of the substance or its derivatives in the final product, provided that these residues do not present any health risk and do not have any technological effect on the finished product;