What is a Product Type?
Product Type refers to the category or type of product. Product Types share common features or characteristics.
Some common examples of Product Types include:
Fixed Index Annuity
SEP IRA
Term Life
Add Product Types
From the left-side main menu, click the Settings tab > Advanced Setup
Select the Product section > click Product Types
From the Product Types page > click
Complete the New Product Type form
Name
Description
Production Calculation
Total Transactions
Count Products
Production Calculation Description
Referred To As
policy
account
Default Statement Frequency
None
Monthly
Quarterly
Biannually
Annually
Click Save.
*Plan Types. Plan Types must be configured in advance to associate or select the applicable plan type options for a given Product Offering Type.
Product Statuses
Product Statuses represent the effective status of a given policy or account at their respective institution.
Product Statuses are pre-configured based on your product line and product offering type mix. Default product statuses include Pending, Active, Closed and Cancelled.
NOTES: Confirm the appropriate Product Line(s) and Product Offering Types(s) are configured before moving on to Creating Product Statuses.
Add Product Statuses
From the left-side main menu, click the Settings tab > Advanced Setup
Click Product Types.
From main Product Types page, search or select any desired product offering type from list to open respective product offering page.
From respective Product Type page, go to Product Statuses tab.
Click +New button
Complete New Product Statuses form pop-up window. Refer to Definitions and Example below.
Status Indicator
Name
Description optional
Position recommended
Product Status Definitions
Field Name | Definition |
Status Indicator | The core state of a given product status. Available options are Pending, Open, Closed, Expired and Lost. |
Name | The name of a product status (ex. Active, Surrendered). This can also be the same as Status Indicator. |
Description | Additional and helpful information about the product status. |
Position | The order in which product statuses should display from a drop-down selection me |