To add a policy type, select an insurance class from the Insurance Class block and click on  in the Policy Types block. Accordingly, the Policy Types Entry block will open where you should perform the following steps:

 

§  The Class Name of the class that this policy type will be added for will be automatically displayed in this field;

§  The Policy Types ID field will be automatically updated by the system upon the saving of this policy type;

§  Enter in the Code of the policy type;

§  Enter the Name of the policy type. In the Name 2 field, you can enter in the name of the policy type in the alternate language of the system, if so desired;

§  If this policy type belongs to a parent type, select the parent from the Parent Policy Type drop-down list. This field is optional and a policy type does not have to belong to a parent class. Using this feature, you can create a tree-like structure of policy types;

§  Choose the Sub line of business from the Sub LOB dropdown list;

§  Choose the Treaty Type from the dropdown list;

§  Enter the Min premium of the policy;

§  Enter the Unearned Calc Type (whether it is Prorate: distributed on the days of the year or Percent )

o   if the Unearned calc type is Prorate then the earned % is disabled

o   But if the unearned calc type is percent the earned % field will be enabled and mandatory to be filled.

§  Enter the Calc days diff. (days the company needs to add or remove ) ;

§  Select the Claim Coverage Type whether it is Occurrence based or claims based;

§  Enter the Effective Date and the Expiry Date of the policy;

§  Check-in checkbox if long term is applied on the policy;

§  Check-in  checkbox to enable adding a pay-note on a certain policy type;

§  Once you have finished entering the necessary data, click.

 

There are important rules that apply to adding a policy type. Policy types can only be added to insurance classes that have no child insurance classes. In other words, you can only add policy types to child insurance class nodes. For information regarding insurance classes, refer to the Add Insurance Class section.