In the Premiums Cover block, you can define the premiums for the cover types. A cover premium is the cost of insurance protection for a specified cover type during the policy period.

 

Select the transaction you want to perform from the available Transactions list:

-        Adjust Selected Covers Ratings: this option will adjust the selected covers only;

-        Adjust All Covers: this option will adjust all the predefined covers;

 

To add a cover premium, begin by selecting the cover type from the Cover Types block and then click  in the Cover Premium block. In the Cover Premium Entry block, perform the following steps:

§  Note that the Insurance Class will be automatically displayed based on the insurance class of the selected cover type;

§  Select the Policy Type from the drop-down list. The list of available policy types is dependent on the insurance class that is selected;

§  Select the Interest Type of the interest being insured. If this field is left empty, then all interests’ types within this list will be included with this cover.

§  The Serial will be automatically displayed once this entry is saved;

§  Select the Rate Fraction of the premium rate;

§  Select the method of rounding in the Rounded To drop-down list. This is the method in which the value of the calculated premium will be rounded to;

§  Enter in the Premium Rate. This option allows you to enter in a per cent value for the premium. If you do not wish to specify a rate, simply enter in ‘0’ and the system will by default take the Premium Amount; as if it is inserted.

§  Enter in the Premium Amount. This option allows you to enter a fixed value for the premium amount. If you do not wish to specify an amount, simply enter in ‘0’ and the system will by default take the Premium Rate. If it is inserted;

§  Enter in the Minimum Premium if such a minimum premium is applicable;

§  Enter in the Deductible Percentage and deductible range of amount by specifying the Minimum Deductible Amount and Maximum Deductible Amount. The system will consider the calculated deductible amount but it has to be within the specified range of deductible amounts. i.e. if the calculated deductible amount was less than or greater than the deductible range of amounts, then the system will set the deductible as the minimum deductible amount or maximum deductible amount, respectively;

§  Enter in the Annual Limit and Case Limit. The annual limit is the limit on the policy for the entire year. The case limit is the limit per case within the year;

§  Choose the Calculation Reference (whether it is pro-rata, short period, full premium… etc.)

§  Select the Deductible from (whether it is deducted from the Sum Insured or Claim Value “The selection of the user will be automatically retrieved at the production side”).

§  Select the Sum Insured From & Sum Insured To (if the sum insured of the policy is between the specified ranges then this cover will be auto-added to the policy else it won’t be added, but this is not the only condition that should be satisfied in order to get the cover automatically, and this option is only applicable for motor);

§  Enter the Period From (months) and Period To (Months): the difference between the effective date and the expiry date;

§  Select the Endorsement Rating which determines the source of the cover rating in the endorsements to be from Policy/ Setup;

§  Enter the Deductible From and the Deductible To; based on the defined deductible value in the interest, the cover will be retrieved with its matching cover along with other rating factors values.

§  Select the Branch where this cover type will be used;

§  Enter the Rate Effective Date on which the rate premium will be effective;

§  Enter the policy Rate Expiry Date on which the rate premium will expire;

§  The Apply Premium, Increase Sum Insured, Editable, Discountable, Apply Formula, Basic Premium, Auto Add, Is Active, and the Apply Agent Commission checkboxes will be by default checked-in according to what was specified in the definition of the Cover Type. You can edit them here if necessary;

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

 

Note: if the Insurance class selected is Motor, the below fields will be also requested to be filled:

 

Vehicle body	The user sets a specific validation on the vehicle body that matches with the cover type and other validation criteria. User can choose for example 4x4WD.
Vehicle usage	The user sets a specific validation on the vehicle usage that matches with the cover type and other validation criteria. user can choose for example private
No of seats From	The user sets a specific validation on the number of vehicle seats on policy type level,  as if the number of seats of the policy vehicle are between the specified range then this cover will be auto-added to the policy else it won’t be added.
No of seats To
Vehicle Type	The user sets a specific validation on the vehicle type that matches with the cover type and other validation criteria. user can choose for example B.M.W
Vehicle Model	The user sets a specific validation on the vehicle model that matches with the cover type and other validation criteria. user can choose for example X5
Engine Capacity From	The user sets a specific range of the capacity of the engine on vehicle for each cover type. § if the engine capacity at the policy was between the defined range then the cover will automatically be added
Engine Capacity To
Vehicle weight From	The user can set a range of vehicle weight for each cover type.
Vehicle weight To
Country of Origin	The user can select the country from the predefined suggestion box;