Premium Types

In This Topic...

Multiple premium types can be defined to separate charges and premiums into as few or as many categories as you like.

Every rate and charge defined in the master cover is assigned to a premium type, enabling detailed tracking, reporting, and invoicing.

Creating a New Premium Type

  1. In the main menu, select Product Design, then select Premium Types.  A list of all available premium types is displayed.

    Tip: By default, only Active premium types are displayed. Clear the filter in the Status column to view all premium types.

  2. Click Create.  The Premium Type Management page opens.
  3. Complete the necessary information.  Fields marked with a red asterisk * are required.

    4. Name

    Enter the name of the premium type.  This name is what appears in the submission form and billing screens, as well as being used to select this premium type during setup.

    Code

    This is an internal reference name generated by the system when the premium type is saved.

    Description

    Enter a description of this premium type.

    Line of Business

    Select a Line of Business from the list of industry presets, or select All to make the premium type available to all lines.

    Product

    Select an available product, or select All to make the premium type available to all products.
  4. Click Add to save the premium type but remain on the page, click Add & Close to save the premium type and return to the premium type list, or click Close to return to the premium type list without saving the premium type.

Viewing and Modifying a Premium Type

  1. In the main menu, select Product Design, then select Premium Types.  A list of all available premium types is displayed.

    Tip: By default, only Active premium types are displayed. Clear the filter in the Status column to view all premium types.

  2. Click a link in the Name column to view the premium type details.  If there are a large number of available premium types, see the Using Grids section for help on finding the appropriate premium type.
  3. See the section on Creating a New Premium Type for a detailed description of the fields.  All fields may be edited, if necessary.

    4. Active

    Marks the premium type as active and available for use.  If unchecked, the premium type remains linked to any master covers, but cannot be used for new master covers.

    Created By

    Identifies the date and time the premium type was created, and the user who created it.

    Last Modified By

    Identifies the last date and time the premium type was changed, and the user who made the changes.
  4. Click Save to save any changes and remain on the page, click Save & Close to save and return to the premium type list, or click Close to return to the premium type list without saving any changes.

Deactivating a Premium Type

Once created, a premium type cannot be deleted.  It can be deactivated, which leaves it linked to any existing products, but prevents it from being used for new products.

  1. In the main menu, select Product Design, then select Premium Types.  A list of all available premium types is displayed.

    Tip: By default, only Active premium types are displayed. Clear the filter in the Status column to view all premium types.

  2. Locate the premium type or types to be deactivated.  If there are a large number of available premium types, see the Using Grids section for help on finding the appropriate premium types.
  3. Check the boxes for all premium types to be deactivated.
  4. Click Deactivate, then confirm the deactivation when prompted to do so.  All selected premium types are deactivated.  If the premium type list is still defaulted to only show active premium types, they disappear from the list.

Tip: Individual premium types can also be deactivated or reactivated directly through the premium type record. See the section on Viewing and Modifying a Premium Type for details.