Not sure how to explain this, different places might have different way of doing this. I will tell you about one of the place I worked at.

When you get an insurance, it's called an insurance policy. It will have many things on it, I have drawn a picture here https://i.imgur.com/XF6wZ57.jpg
Usually policy will be for one year, so when you renew it next year, policy term will change to new dates but the it's the same policy, that's why you have policy and policy-term to differentiate. Read up on Insurance risks, coverage, limits, deductibles. Party is the person getting insurance, place is address. Risk is what is being insured.
Rate and rate factors were used to calculate the premium. Those information were provided by DuckCreek. If you go to http://www.duckcreek.com/ it has Billing, Claims, Policy and Rating services. The compnay I worked at used Duck Creek for ratings to get the premiums, but the rest was done by the company itself.
You can talk about how you validated all those information from UI(front end) to the Enterprise Data Warehouse.

Thank you very much. I at least get something to start with in preparation. I appreciate your time sharing your insight. Based on your post I can research and collect info. Thanks again Kunthaun