In the Covers Types page, you can define the cover types that will be used throughout the system as inclusions in insurance policies. The system allows you to define the cover types of each policy by these covers the premium of the policy will be calculated. The policy premiums are defined in the Cover Premium block.

To add a cover type, click  in the Cover Types block and then perform the following steps in the Cover Type Entry block:

 

§  Select the Insurance Class of this cover type from the available drop-down list;

§  The Serial Number of the cover type will be automatically generated ;

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

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

§  Select the Claimant Cover; either ‘Insured’, ‘Third Party’, or ‘All’. This is the party that is will be covered with this cover on policy level when selected based on the type of the insurance class itself.

§  Once you have finished entering the necessary data, click. Now you can proceed with defining the Cover Premiums and Cover Non-Premiums for this cover type.