Selecting the rate book edition during policy rating

In Guidewire Rating Management, a rating query selects the most appropriate rate book, and rate book edition, to use for policy rating. The rate book contains the rate tables and rate routines used in policy rating.

In addition, if a rate book has cascaded lookup enabled, the query uses a cascaded, or hierarchical list of, rate books. If the most appropriate rate book does not contain a specific rate table or rate routine, then the query looks in the cascaded rate books.

The rating query executes the query in these stages:

1. Determine and retrieve the most appropriate rate book based on the coverage and policy attributes and the Rate book matching process. If cascaded lookup is enabled, then also append the list of cascaded rate books.
2. When evaluating the rate routine, retrieve the correct factor from the rate table, based on the input values provided.