Methods that calculate earned premium

An enhancement on the Transaction entity, TransactionEPEnhancement.gsx, defines methods to calculate earned premium. You can modify these methods.

Calculate Earned Premium

The earned method calculates the earned premium for the transaction as of the current date. The method signature is:

earned(lastReportedDate: Date, includeEBUR: boolean): BigDecimal

This method calls the earnedAsOf method with the asof parameter set to the current date. The parameters are described in that method.

Calculate Earned Premium As of Date

The earnedAsOf method calculates the earned premium as of a specific date passed in as a parameter. 

EarnedAsOf(asof: Date, lastReportedDate: Date, includeEBUR: boolean)
  • asof – The as-of date for determining the earned premium.
  • lastReportedDate – The latest date for which a premium report was processed (the end date of the report). This parameter is only applies to reporting policies.
  • includeEBUR – Set to true to calculate EBUR on the current transaction. This parameter only applies to reporting policies.

The calculations for earned premium include or exclude EBUR based on the includeEBUR parameter. In the base configuration, PolicyCenter EBUR is configured as follows:

  • The PCF that calculates earned premium automatically sets includeEBUR to true for reporting policies where the final audit is not complete. For more information, see PCF files that display earned premium.
  • For all other policies includeEBUR is set to false.

Through configuration, you can change whether PolicyCenter includes EBUR in the calculation.