Free Salesforce Financial-Services-Cloud Practice Exam with Questions & Answers | Set: 3

The following statements are true for Rollup By Lookup (RBL) in Financial Services Cloud:

An RBL (Rollup By Lookup) rule displays summary calculations of financial account information, such as account balances. You can use RBL rules to aggregate financial account data across different levels of client relationships.

The Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the diem and group levels. You can use RBL configuration to define which fields are rolled up and howthey are calculated for each diem and group type.

Salesforce does not recommend or provide support for creation or customization of Financial Services Cloud RBL rules. RBL rules are complex and require extensive testing and validation. If you need to create or customize RBL rules, you should contact a certified Salesforce partner or consultant. Verified References: : Salesforce Financial Services Cloud Implementation Guide, page 75. : Salesforce Financial Services Cloud Implementation Guide, page 76. : Salesforce Financial Services Cloud Implementation Guide, page 77.

The following considerations should be included when configuring the report with branch management reportable objects:

Bankers with Branches withOpportunities, Accounts, Leads, and Contacts report types are available for creating reports with Branch Unit Related Records. These are standard report types that allow users to create reports that show data from Banker, Branch Unit, Opportunity, Account,Lead, Contact, and Branch Unit Related Record objects.

The reportable objects include Banker, Branch Unit, Branch Unit Related Records, and Branch Unit Customer. These are custom objects that are part of the branch management feature in Financial ServicesCloud. Banker is an object that represents a banker or an employee who works at a branch unit. Branch Unit is an object that represents a physical location where bankers provide services to customers. Branch Unit Related Record is an object that represents a record that is related to a branch unit, such as an opportunity, an account, a lead, or a contact. Branch Unit Customer is an object that represents a customer who has a relationship with a branch unit.

When Branch Unit is the primary object, the administrator can select Branch Unit Customers or Branch Unit Related Records as related objects. This means that the administrator can create reports that show data from Branch Unit and its related objects by using lookup fields or junction objects.

QUESTIONNO: 93

A financial services company needs to add new values for how a customer can be related to a financial account. Which object/field should the administrator add new values on?

A. Object: Financial Account Role; Field: Role

B. Object: Financial Account; Field: Primary Owner

C. Object: Financial Account; Field: Joint Owner

D. Object: Account-Account Relationship; Field: Related Role

Answer: A

To add new values for howa customer can be related to a financial account, the administrator should add new values on the Role field of the Financial Account Role object. The Financial Account Role object is a junction object that links a contact or an individual to a financial account and defines their role or relationship with that account. The Role field is a picklist field that specifies the role of the contact or individual for the financial account, such as owner, beneficiary, trustee, or custodian. By adding new values on the Role field of the Financial Account Role object, the administrator can create new categories of financial account relationships for customers. 

To troubleshoot the issue of Financial Account Balances not adding up to the Financial Summary field in the related Household, the Admin should take the following steps:

Ensure RollUpByLookup Configuration is Active, which is a custom setting that enables or disables the Rollup By Lookup (RBL) feature. RBLis a feature that allows users to aggregate data from financial accounts and display it at the client and group levels1.

Ensure the reported Household is the Primary Group for the member, which is a field on the Account object that indicates whether an account is the primary group for a contact or an individual. The primary group determines which financial summary fields are displayed on the contact or individual page2. Verified References: 12

The architect at Cumulus Insurance should be aware of the limitation that the administrator can define up to 300 total sharing rules for each object when using the Role Hierarchy and sharing rules to implement the franchise business model. Sharing rules are a way of granting additional access to records based on criteria, such as record owner, role, or field values. The Role Hierarchy is a way of organizing users into a hierarchy that reflects the reporting structure of the company. The Role Hierarchy and sharing rules can be used together to control the access and visibility of records for different users in Financial Services Cloud. However, there is a limit of 300 sharing rules per object, which means that the administrator may need to use other methods, such as public groups or manual sharing, to grant access to records beyond this limit.

The following processes are part of Claims Management:

Auto Adjudication, which is a process that allows claims to be processed automatically without humanintervention, based on predefined rules and criteria. Auto adjudication can improve the efficiency and accuracy of claims processing and reduce operational costs.

Reserve Management, which is a process that involves estimating and setting aside funds for future claims payments. Reserve management can help insurers manage their cash flow and solvency and comply with regulatory requirements.

Payment, which is a process that involves disbursing funds to claimants or providers after a claim has been approved. Payment can involve different methods, such as check, electronic funds transfer, or debit card. Payment can affect the customer satisfaction and retention rate of insurers.

 The following steps should be taken by the Financial Advisor in Financial Services Cloud App to capture the information about opening an Education Savings Account for their client’s first child:

Create a Life Event for the birth of the childand a Referral for the Education Savings Account. A Life Event is a construct in Financial Services Cloud that allows you to track significant events in your client’s life that may affect their financial needs or goals. You can use Life Events to create arecord for the birth of the child and link it to the client’s account. A Referral is a construct in Financial Services Cloud that allows you to capture a customer need or interest and assign it to another advisor or line of business. You can use Referralsto create a record for the Education Savings Account and route it to the appropriate banker.

Create a Life Event for the birth of the child and a Financial Goal for the Education Savings Account. A Financial Goal is a construct in Financial Services Cloudthat allows you to track your client’s financial objectives and measure their progress towards achieving them. You can use Financial Goals to create a record for the Education Savings Account and associate it with the client’s account and financial accounts. Verified References: : Salesforce Financial Services Cloud User Guide, page 29. : Salesforce Financial Services Cloud User Guide, page 30. : Salesforce Financial Services Cloud User Guide, page 33.

The following standard Insurance Platform components can digitally enable the core insurance operations of getting an insurance quote or submitting a claim:

Policy Administration, which is a component that allows users to manage the lifecycle of insurance policies, such as creating, renewing, canceling, or endorsing policies. By using Policy Administration, the consulting firm can enable customers to view and update their policy information online.

Claims Management, which is acomponent that allows users to manage the lifecycle of insurance claims, such as creating, investigating, adjusting, or settling claims. By using Claims Management, the consulting firm can enable customers to submit and track their claims online.

Quote, Rate, and Apply, which is a component that allows users to create and compare insurance quotes, calculate premiums and discounts, and apply for policies online. By usingQuote, Rate, and Apply, the consulting firm can enable customers to get an insurance quote online