Override a rating

About this task

This task assumes that you are in a policy transaction. To follow along, you can use policies in the small sample data set. Find a workers’ compensation policy for Wright Construction, start a policy change transaction, and quote it.

Procedure

  1. On the Quote page, click the Override Rating button to display the Rating Overrides screen.
  2. Enter a value in the Adjusted Rate field. In this example, enter 4.0 in the Adjusted Rate for Nurseries—propagation in the first Standard Premium table. Optionally, enter a reason, such as Low risk, in the Reason field.
  3. Click the Rerate button.
    This action sends the new values off to the rating engine.

    The Quote screen appears and displays a warning message that there are overrides. This message appears only if you have permission to view overrides.

    The Quote screen displays the values that the rating engine returned. The override you made to the nurseries class code affects other values on this screen. The override affects the value of the Manual Premium. The Manual Premium is used to calculate the remaining values in the Standard Premium table. The Standard Premium value is also input into the Other Premium and Surcharges table.

  4. Click the Override Rating button.
    The Rating Overrides screen appears. Notice that the Adjusted Rate in the Actual and Standard columns display different values. The Standard column displays the rate without override. The Actual column displays the rate with the override.
  5. In the Override columns, remove the value in the Adjusted Rate column.
  6. Enter a value in the Amount column and rerate the policy. In this example, enter 13000 for the nurseries class code.
  7. Click the Rerate button.
    The Quote screen appears again. Because you entered a flat amount, the Basis and Rate fields for the nurseries class code have no value.