Underwriting issues with values

An underwriting rule can create value issues which have a value associated with them. Value issues indicate a sense of how risky, or severe an issue is. The value can come from several places. The value can be copied from the policy, such as the replacement value of a vehicle. It can be a simple calculation, such as the number of days a requested change is post-dated. It can be a more complex calculation that takes into account many factors. Values can also be non-numeric, such as the set of jurisdictions in which a user can write a policy.

Specify a minimum or maximum value that causes an issue to be created. For example, you can raise an issue for cars valued over $40,000. In addition, for each type of user, you can define approval limits. Therefore, agents can approve cars valued up to $50,000, but underwriters can approve cars valued up to $100,000.

You can also specify inclusion in a set of jurisdictions. For example, underwriters who writes policies for the western region can only approve cars garaged in California, Oregon, and Washington.

For value issues that specify a minimum or maximum value, you can specify whether the default approval limit is for the exact value. You can also specify whether to add an additional percentage or amount to the value.

You can configure PolicyCenter to handle additional values types or sets.

Business rule: value comparator values

The Value Comparator on the Advanced Info tab of a business rule specifies how to compare the issue value. You can specify:

If the value of an issue is within the authority granted to a user
The limits of what an underwriter can approve

The Comparison column of an Authority Profile in Administration > Users & Security specifies whether the value of an approval is within the authority granted to a user.

In the default configuration, the values are:

Value	Code	Description
At least	`Numeric_GE`	The issue value must be greater than or equal to the approval or authority grant value. Select this value if the issue has an associated value where a smaller number is associated with more risk, such as a deductible. Treat the value as a `BigDecimal`.
At least (monetary)	`Monetary_GE`	The issue value must be greater than or equal to the approval or authority grant value. Select this value if the issue has an associated value where a smaller number is associated with more risk, such as a deductible. Treat the value as a `MonetaryAmount`.
At most	`Numeric_LE`	The issue value must be less than or equal to the approval or authority grant value. Select this value if the issue has an associated value where a larger number is associated with more risk, such as total premiums or total insured value. Treat the value as a `MonetaryAmount`.
At most (monetary)	`Monetary_LE`	The issue value must be less than or equal to the approval or authority grant value. Use this comparator for currency amounts. Select this value if the issue has an associated value where a larger number is associated with more risk, such as total premiums or total insured value. Treat the value as a `MonetaryAmount`.
In set	`State_Set`	Treat the authority grant or approval value as a set of jurisdictions, and the issue value must be within that set.
None	`None`	Has no associated value. Use for issues that either exist or do not exist.

The value comparator corresponds to the UWIssueType.Comparator property.

Business rule: default value assignment type

The Default Value Assignment Type on the Advanced Info tab of a business rule specifies how to compute a default approval value from the value of the issue. PolicyCenter uses this value if Value Comparator is At least or At most.

Values are:

Value	Description
<none>	For issues that have a non-numeric value or that do not have an associated value.
Fixed	The default approval value is copied directly from the issue value.
Offset Amount	The Default Value Offset Amount is added to (or subtracted from, depending upon the implementation of the Value Comparator) the issue value to produce the default approval value. Use only with issues that have a numeric value.
Offset Percentage	The Default Value Offset Amount is treated as a percentage increase or decrease, and the issue value is offset by that percentage to produce the default approval value. Use only with issues that have a numeric value.

The default value assignment type corresponds to the UWIssueType.DefaultValueAssignmentType property. The UWValueAssignmentType typelist defines these values.

Business rule: value formatter type

The Value Formatter Type on the Advanced Info tab of a business rule specifies how to display the value in the underwriting issue.

In the base configuration, the values are:

Value	In UI	Description
Age	•	Formats the value as an age followed by the abbreviation yrs.
Currency		Formats the value as the currency associated with the current locale.
Integer	•	Formats the value as an integer.
MonetaryAmount		Formats the value as a `MonetaryAmount`, which contains a value and a currency.
Number	•	Formats the value as a `BigDecimal`.
StateSet	•	Formats the value as a jurisdiction.
USD		Formats the value as a U.S. dollar (with cents).
USDBrief		Formats the value as a U.S. dollar (without cents).
Unformatted	•	Does not format the value.
Units	•	Formats the value as an integer followed by the word units.
TestFormatter		Used only for testing.

The In UI column indicates values that appear in Rule screen of the base configuration. If you add hidden values such as Currency, PolicyCenter supports those values without further configuration.

The value formatter type corresponds to the UWIssueType.ValueFormatterType property.