Multicurrency fields on policy transactions screens

This topic describes the multicurrency fields that appear on screens in policy transactions, such as submissions or policy changes.

Policy Info screen

When multicurrency display is enabled, the Policy Info screen has several fields related to choosing the currency.

Field

Description

Preferred Currency

If PolicyCenter is configured as a multicurrency system, the Policy Info screen displays this label and the following fields related to the preferred currency.

Coverage

The preferred or default currency for coverages on the policy. The currency choices come from the policy line configuration in Product Designer.

In the base configuration, the default is the preferred coverage currency on the account, Account.PreferredCoverageCurrency.

Settlement

The preferred or default currency for settlement. This is the currency in which premium, taxes, fees, and the like appear on the Quote and other screens. In the base configuration you can select one of the following currencies:

  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • RUB
  • JPY

The currency choices are populated from the Currency typelist. The default is the preferred settlement currency on the account, Account.PreferredSettlementCurrency. You can view and change the preferred settlement currency on the Account Summary screen.

In the base configuration, PolicyCenter validates whether the Coverage and the Settlement currencies have a supported currency conversion. If PolicyCenter cannot convert the currency, the user receives a validation error. The IFXRatePlugin interface has a canConvert method which returns true if the plugin can convert from the coverage to the settlement currency.

See also

Coverable screens

When multicurrency display is enabled, you can set the currency on a coverable in the user interface. PolicyCenter then copies this coverage currency to each coverage on the coverable. The main screen for each coverable has the following multicurrency field:

Field

Description

Coverages in

Select the currency for the coverages on this coverable. By default, this value is set to the Policy Info > Preferred Currency > Coverage field. The drop-down list contains the Available Coverage Currencies defined in Product Designer on the main page of the policy line.

For an example in the base configuration, see the Buildings and Locations screen in Commercial Property. The CPBuilding entity delegates to Coverable.

PolicyCenter stores coverage terms in generic fields and usually displays these using a widget that is not currency-aware. As a result, coverage terms may not display the currency symbols or abbreviation. The Coverages in drop-down list also serves as a consistent user interface element to let the user know the currency for coverage terms not displaying the currency.

Policy Review screen

The Policy Review screen displays the cost for each coverable’s coverages in the currency set on the coverable.

For example, a building is a coverable in a commercial property policy. A policy has one building with coverages in U.S. dollars, and another building with coverages in euros. The Policy Review screen displays cost information for the first building in U.S. dollars, and in euros for the second building.

See also

Quote screen

The Quote screen displays all amounts in the settlement currency.

Continuing the example in Multicurrency fields on policy transactions screens, assume that the settlement currency is Japanese yen. For each building, the Quote screen displays the costs converted into Japanese yen, the settlement currency. Other amounts, such as Total Premium, Taxes & Surcharges, and Total Cost are in the settlement currency.

Payment screen

The Payment screen displays all amounts in the settlement currency.