In the Interest Cover Premiums block, you can define the interest cover premiums.

To add covers, click  in the Interest cover Premium/ Interest Non-Premium Covers block, and then go through the following:

• The Serial number ,Interest and Ex-Rate will be given by the system;
• Select the Cover Type from a list of cover types that were defined through the Cover Types page located in the Interest Covers Premium sub-module. Note that the cover types will be filtered according to the Insurance class, Policy Type and Interest Type definitions of the interest selected;
• Enter the Sub-limit. The sub-limit is the maximum amount to be covered for the interest;
• Select the Deductible From field (whether claim value or Sum Insured) ;
• Enter the Deductible Percentage, Minimum Deductible and Maximum Deductible amounts. The system will take the deductible percentage into consideration only if it falls within the specified range of deductible amounts. Otherwise, if the deductible percentage was greater than the maximum deductible, then the system will consider the maximum deductible amount. Else if the deductible percentage was less than the minimum deductible, then the system will consider the minimum deductible amount;
• Enter any necessary Notes;
• To organise covers you can give each cover a Print Order. For example; if you enter 1 then it will be the first cover to be printed when printing all covers belonging to the policy;
• Enter the Aggregate Limit to be covered for the entire policy;
• Enter the Sum Insured amount for the interest;
• Enter the Sum Insured LC amount for the interest;
• The Latest Premium Rate will be retrieved from the system;
• Enter the Minimum Premium amount;
• The rest of the fields will be automatically retrieved from the system (such as Discount Amount LC , Rate fraction, Adjustment Rate ,survey rate , net premium ,Net premium LC, Min premium , survey amount , traffic type);
• Check-in the Increase Sum Insured checkbox if you wish to add the sub-limit to the sum insured. Accordingly the sum insured of the policy will be modified to the new sum insured amount;
• Check-in the Apply Premium checkbox to apply a premium to the cover. If you leave this field un-checked then the cover will be offered for free. Based on your selection, the cover will be set as a premium cover or non-premium cover;
• Check-in the Apply Agent Commission checkbox to apply a commission to a specific agent.
• Check-in the Apply to All checkbox to apply these settings to all interest covers with the same Insurance Class and Policy Type;
• Click  to save your work.