Through this page you can define the risk types that are referred to as interest on insurance class level which will be used on the production side;

 

 

To view certain pre-defined Interest Type, fill in the selecting criteria fields with the proper details to filter down the retrieved records. If you wish to edit any, click on the claim needed and you can proceed with making the changes you want.

 

To add an interest type, click  in the Interest Types block. In the Interest Types Entry block, you should perform the following steps:

 

 

§  Note that the Code field will be automatically updated by the system upon the saving of this interest type;

§  Select the Insurance Class that this interest type will apply to;

§  Select the Policy Type that this interest type belongs to  (optional field) ;

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

§  Enter in the Loading factor. This percentage will be calculated and afterwards loaded on the premium due to specific business criteria.

§  Enter the Deductible %, Minimum Deductible and Maximum Deductible amounts. This is the amount that will be used for (at) claims and will be taken during claims processing;

The system will take into consideration the deductible percentage and the defined deductibles (min, max) therefore if the calculated deductible amount was greater than the maximum deductible, then the system will consider the maximum is the deductible amount. Otherwise, if the deductible percentage was less than the minimum deductible, then the system will consider the minimum deductible amount;

§  If this interest type belongs to a parent interest level, select the parent from the Interest Level drop-down list. This field is optional and an interest type does not have to belong to a parent interest. Using this feature, you can create a tree-like structure of interest types. For example, a ‘School Bus’ interest type would belong to the ‘Bus’ interest level;

§  From the Deductible From drop-down list, select whether you want to calculate the deductible amount from Sum Insured or claim value;

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