Specifying advanced settings for a product

In the Advanced section of the Product home page, you can specify settings such as quote rounding level, initialization script, and document templates.

Quote rounding level within a product

Quote rounding determines how fractional monetary amounts are rounded in the quote returned from the rating engine. In addition to specifying the Quote Rounding Level, set the Quote Rounding Mode to specify how to round fractional amounts.

For example, in the base configuration for personal auto, the quote rounding level is set to 0 for the product. A value of 0 causes PolicyCenter to round quotes to the nearest whole monetary amount. With Quote Rounding Mode set to Half Up, a value of 231.50 is rounded up to 232.00.

Specific portions of a quote, such as state taxes, can be rounded within the rating engine. For example, the rounding level for taxes is 2 in New York and Florida. A rounding level of two rounds the amount to two decimal places.

If you have Guidewire Rating Management, the State Tax Calculation rate routine for personal auto sets the quote rounding mode for taxes in specified states. You can use this rate routine as an example for making similar changes. If you do not have Guidewire Rating Management, you can make this change in Studio. The rateTaxes method in gw.lob.pa.rating.PARatingEngine sets the quote rounding mode for taxes in specified states. You can use this method as an example for making similar changes.