Add pricing to a risk object

Specify pricing for a risk object in a product line.

Before you begin

Set Product Design Mode to Designer or above.

About this task

This task defines the premium for a coverage. In the mind map, the premium has a Pricing marker. The premium is based upon a percentage of the price when new. The following mind map shows the pricing relationship.
A Cell Phone risk object has a Loss of Phone coverage with a Phone Premium pricing topic. The basis of Phone Premium is Price when new. Price when new is a money topic under Phone Details.

Procedure

  1. Start a submission for a visualized product.
  2. On the Risk Details screen, select the Fields tab.
  3. Select Add > Add risk_object. In this example, risk_object is Cell Phone.
  4. Enter values on the Fields tab.
  5. Go to the Coverages. In this example, go to the Phone Coverages tab.
  6. Select the coverages that you wish to price. In this example, select Loss of Phone.
  7. When you are done selecting coverages, click OK.
  8. Navigate to the Pricing screen and to the risk object.
    The cell phone risk object you just added appears under Risk Objects. Click Cell Phone link.
  9. Your coverage, Loss of Phone, is listed in the Coverage Costs table.
  10. In Cost Type, select Add Cost from the drop-down list.
  11. Define this cost. For this example, create basis pricing by entering the following information:
    OptionDescription
    Code premium
    Basis Attribute Cell Phone: Price when new
    Rate .014
    Per Per Unit