The simplest way to add a New Opportunity to the System is to add it from the Opportunity summary view is Add Opportunity button.
If the Override by Status flag is checked then the Opportunities lifecycle changes will automatically set the Probability at the percentage set up in your SysAdmin->Status Probability Configuration menu:
IMPORTANT: Renewal Opportunities are automatically added when Coverage Items are created regardless of which flow created the Coverage Item.
The Opportunity Detail page contains basic various segments that relate the Opportunity to an Asset, Source Coverage (the coverage item who's renewal is this Opportunity), Resulting Coverage (the coverage item which was created if and when this Opportunity was WON) as well as the standard Notes and Attachments and Audit Trails.
In addition you will be able to see related Quotes, Revenue Estimates, Revenue Pipeline (based on Billing Frequency) and Change Log for Opportunities among other things.