Through this page you can either add interest premium covers or interest non-premium covers. These can be added through the same entry block. However, the only difference is the premium covers need to have the Apply Premium checkbox checked while the non-premium cover does not require the Apply Premium to be checked.

 

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

 

§  The Serial number Ex- Rate and Interest will be given by the system;

§  Select the Cover Type from a list of cover types that were added on the same interest type in open cover policy;

§  Choose Deductible From (claim value or sum insured) ;

§  Enter the Sub-limit. The sub-limit is the maximum amount to be covered for the interest;

§  Enter the Aggregate Limit to be covered for the entire policy;

§  Enter the Sum Insured & Sum Insured LC amount for the interest;

§  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;

§  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 to All checkbox to apply these settings to all interest covers with the same Insurance Class and Policy Type;

§  Click  to save your work.