Rating overrides

Rating overrides allow you to manually override the premium that the rating engine automatically generates for a policy. Rating overrides is also referred to as manual rating in the insurance industry. After obtaining a quote from the rating engine, you can override rates and amounts, then rate the policy again. Rating overrides allows you to override the base rate and adjusted rate. You can also enter the unprorated amount for the term amount, or a enter a prorated amount to set a flat cost. If a policy has rating overrides, PolicyCenter creates an underwriting issue before releasing the quote. The issue must be approved before certain users, such as agents, can view the quote. This process enables the insurer to verify that overrides are approved before releasing pricing information.

In the base application, the Worker’s Compensation, Inland Marine, and Commercial Property lines of business allows rating overrides. You can add rating overrides to other lines.

There are certain types of costs for which rating overrides are not appropriate. You can disable overrides for these costs. For example, you may designate that users cannot override the tax calculation. In the base application, experience modifiers and schedule credits do not allow overrides because the user directly enters values when they are editing the policy. Rating overrides are not appropriate for some inland marine coverages. It is customary to set the manually determined rate on some inland marine risks when entering the risk information, not as an override after rating is run.