Premium report schedules
Premium report scheduled items may be configured to utilize policy months or calendar months. In the default application, the premium report schedules are:
- Monthly Reports by calendar months, exclude last month
- Monthly Reports by policy month, exclude last month
- Quarterly Reports by calendar quarter for full policy term
- Quarterly Reports by calendar quarter, exclude last quarter
- Quarterly Reports by policy quarter, exclude last quarter
If you select policy months, the start and end day of the month is based on the policy’s effective date. The following table shows reports for an audit schedule frequency of Monthly reports by policy months.
Policy effective date 3/28/09 |
Policy effective date 03/10/09 |
|---|---|
03/28/09 to 04/28/09 |
03/10/09 to 04/10/09 |
04/28/09 to 05/28/09 |
04/10/09 to 05/10/09 |
05/28/09 to 06/28/09 |
05/10/09 to 06/10/09 |
... |
... |
If you select calendar months, an additional audit schedule field comes into play. This audit schedule field is the round to next month field. This field allows you to control for a first report that is very short. If the policy effective date is after the round to date, then the first report covers the first short month and the second month. Subsequent periods correspond to calendar months. The following table shows reports for an audit schedule of Monthly reports by calendar months with round to next month on day 15.
Policy effective date 3/28/09 |
Policy effective date 03/10/09 |
|---|---|
03/28/09 to 05/01/09 |
03/10/09 to 04/01/09 |
05/01/09 to 06/01/09 |
04/01/09 to 05/01/09 |
06/01/09 to 07/01/09 |
05/01/09 to 06/01/09 |
... |
... |
In Product Designer, you can view and modify Monthly Reports by calendar month, excluding last month, which provides an example of a premium report schedule. The schedule specifies that the audit method is voluntary and has a 10% deposit. In the schedule details, the minimum audit period length is set to 15 days. The last audit period is excluded. In the period details, the audit is set to start five calendar days before the audit period end date. The audit is due 15 calendar days after the audit period end date.