Adding costs in Pricing
Set Product Design Mode to Designer or above.
On the Pricing screen or tab, you can add coverage and other costs that can be used to price the policy. In the Product Definition screen, Pricing is a tab on the product screen and risk object screens. In a submission, Pricing is a step in the submission. This screen lists the risk objects on the policy. Click a risk object link to view the Risk Object Pricing popup.
The Product Definition screen provides a convenient way to define pricing within the product.
In a submission, you can define or modify pricing and generate a policy premium. Costs in a submission have a Rate column where you can enter rates for generating the policy premium.
In a submission, all risk objects on the policy appear under a Risk Objects heading. Select a risk object to specify costs for that risk object type in the Risk Object Pricing popup. These costs apply to this instance of the risk object. New instances of the risk object include all costs on the risk object. The product line is a type of risk object, and you can add costs to the product line on the Pricing screen.
Cost Type can be standard premium, non-standard premium, or tax or surcharge.
Recommended way to change costs in a saved product
You have a saved product, and need to change the code of a cost. For example, the cost is Premium but needs to be Income Premium. To make this change, edit the product, delete the cost (Premium), and add a new cost with the new code (Income Premium).
If you simply change the code of a cost in a saved product, the code is changed in all submissions, including bound submissions. You may not desire to have bound submissions affected by this change.
This recommendation does not apply to a product being edited for the first time.
Cost codes
Cost codes define the types of costs that you can add to a policy. Examples of cost codes include premium and value added tax. You define cost codes in the Cost Definition Codes screen.
Costs and how they appear on Policy Premium tab
The cost code of a cost affects how it appears in a submission as a charge on the Policy Premium tab of the Quote screen. This screen helps you define how you want billing information to be presented. You can specify that a cost is Itemized for Billing and appears as a separate line item in the bill. You can also specify that a cost has Separate Collection and is collected separately by the billing system.
| Policy Premium Charge Type |
Description | Settlement Amount |
|---|---|---|
| Premium, inc. Tax | $242.20 | |
| Standard premium | $242.00 | |
| Tax or surcharge | $0.20 |
Charges for collection by the billing system are left-aligned in the Charge Type column and display the Debt Type of the charge. These charges are typically Premium, inc. Tax, which rolls up costs with a rate amount type of Standard premium or Tax or surcharge.
Itemized charges are right-aligned in the Charge Type column. These charges are rolled up into a charge for collection. These charges are typically Standard premium or Tax or surcharge.
Itemized for Billing
Itemized for Billing results in additional right-aligned itemized charge rows on the Policy Premium tab in a submission. You can specify Itemized for Billing on risk objects, coverages, and costs.
- Cell Phone: Samsung – Itemized charge on the cell phone risk object
- Cell Phone: Samsung | Loss of Phone | GST – Itemized charge on the GST cost on the cell phone's Loss of Phone coverage
| Policy Premium Charge Type |
Description | Settlement Amount |
|---|---|---|
| Premium, inc. Tax | $121.10 | |
| Standard premium | $11.00 | |
| Standard premium | Cell Phone: Samsung | $110.00 |
| Tax or surcharge | Cell Phone: Samsung | Loss of Phone | GST | $0.10 |
Separate Collection
Separate Collection results in additional left-aligned collection charges on the Policy Premium tab in a submission. These charges are billed separately.
| Charge Type | Description | Settlement Amount |
|---|---|---|
| Premium, inc. Tax | $22.00 | |
| Premium, inc. Tax | Cell Phone: Apple | $110.10 |
| Standard premium | $110.00 | |
| Tax or surcharge | $0.11 | |
| Premium, inc. Tax | Cell Phone: Samsung | $110.10 |
| Standard premium | $110.00 | |
| Tax or surcharge | $0.11 |