Rates are a vital part of any master cover.  The Rates section defines a series of premium calculation rules which determine precisely what premiums are applied to a submission when a quote is requested.  The quote calculation itself has a specific sequence of events which could affect the calculations, click here for more information.

For additional information on rates, including more examples, see Rates - Details and Examples.

Creating a Rate

With the master cover selected, click the Rates item in the Screens widget.  For instructions on finding and viewing a master cover, see the section on Viewing and Modifying a Master Cover.

Select a Quote Option to view the rates defined for that option.

The Rate Configuration panel displays all rates under the selected Quote Option.

1.   Click in the field marked Please click here to add new row.

2.   Select a Premium Type.  All rates and charges for the same premium type are accumulated as calculations are completed.

The premium type must be created before being attached to a master cover.  See the Premium Types section for instructions on creating premium types.

3.   Select a Rate Type to define what type of calculation is to be performed for this entry.  All calculations for the same premium type and sequence number are performed in a specific order (see Sequence below).  Each calculation is performed on the accumulated value of all preceding calculations for the same premium type and sequence number.

4.   Select a Driver Field, if required by the Rate Type.

Only fields within the attached workflow that have been designated as Rate Driver fields are available.  See the Managing Fields section for instructions on configuring fields.

5.   Enter an Amount or Rate, suitable to the selected Rate Type.

6.   The Attachment and Limit fields can be used together or separately to define what portion of the Driver Field value should be used for the calculations in the selected entry.  Both fields are optional.

When an Attachment value is provided, only the Driver Field amount exceeding the value is used.  If the amount is less than or equal to the Attachment value, the amount is zero.

The Limit value is the maximum amount that is used from the Driver Field.

If both fields are provided, the calculations are done on the portion of the Driver Field that falls between the two values.

7.   A Trigger Name can be selected to control the entry.  If the trigger does not evaluate as true, the calculation for this entry is not applied.  If no trigger is selected, the calculation for this entry is always applied.

8.   A Sequence number can be entered.  This is used to control the order in which entries are calculated.  Entries without sequence numbers are processed first, followed by sequenced entries from the lowest value to the highest.

Calculations start with the premium type that has the lowest initial sequence number (or no sequence number), and all entries for that premium type are completed before proceeding to the premium type with the next-lowest initial sequence number.  If any rate calculations are to be based on the calculated results of another premium type, the initial sequence numbers should be kept unique to ensure the proper order of the calculations.

For each premium type, all entries with the same sequence number are handled according to Rate Type in the following order:

a.   Rate

b.   Flat Amount

c.   Discount or Surcharge

d.   Multiplier

e.   Minimum

All entries with the same premium type, sequence number, and rate type are handled as follows:

9.   The Effective Date and Valid Until Date fields can be used together or separately to control when the entry should be applied.  If the effective date of the transaction is before the effective date of the entry or after the valid until date of the entry, the calculation for this entry is not applied.

10. Press the Tab key from the Valid Until Date field or click outside the table to add the item to the list.  The item is highlighted in yellow to indicate that it has not been accepted yet.

11. Repeat steps 1 to 10 to add additional entries.

12. Once all entries have been added, right-click inside the table and select Accept All Changes.  This saves the current table.

13. Click Save to save the changes.

14. Additional rates can be added to the same Quote Option, or a different Quote Option can be selected.

Viewing and Modifying a Rate

With the master cover selected, click the Rates item in the Screens widget.  For instructions on finding and viewing a master cover, see the section on Viewing and Modifying a Master Cover.

Select a Quote Option to view the rates defined for that option.

The Rate Configuration panel displays all rates currently set for the master cover.

1.   Double-click on any field in the table to open it for editing.  See the section on Creating a Rate for a detailed description of the fields.

2.   Once all changes have been made, click outside the table.  The edited rates are highlighted in yellow.

3.   Right-click inside the table and select Accept All Changes.  This saves the current table.

4.   Click Save to save any changes.

Deleting a Rate

A rate can be deleted from the master cover.  Any current submissions or policies are unaffected, and submissions that are already quoted can be bound, but recalculating an existing submission or any new transactions does not include the deleted rate.

With the master cover selected, click the Rates item in the Screens widget.  For instructions on finding and viewing a master cover, see the section on Viewing and Modifying a Master Cover.

Select a Quote Option to view the rates defined for that option.

The Rate Configuration panel displays all rates currently set for the master cover.

1.   To remove list items, right-click on the item in the table, and select Delete.  The item is highlighted in red, and is removed when the list is saved.

2.   Right-click inside the table and select Accept All Changes.  This saves the current table.

3.   Click Save to save any changes.