What are the three possible statuses of an account?

The three possible statuses of an account that align well with typical account management practices are Pending, Active, and Withdrawn.

The "Pending" status signifies that the account is in the process of being established or is waiting for certain criteria to be met before it can become fully functional. This status may involve activities such as verification of user information, approval by an authority, or just a waiting period for some other actions to be completed.

Once these conditions are satisfied, the account transitions to the "Active" status, indicating that the account is fully operational and the user is able to perform all expected functions, such as conducting transactions or accessing services offered under that account.

The "Withdrawn" status may represent an account that has been closed or deactivated at the user's request, or that has not been maintained or utilized, potentially leading to its end under predefined parameters. This status captures instances where the account holder has chosen to step back from using the account while still retaining a record of it within the system.

By understanding these statuses, individuals can more effectively manage and track the life cycle of accounts in a business context, particularly within systems like Guidewire where accurate account status is integral to operations and customer service.