Rate Factors page for modifiers

During modifier creation, Product Designer adds a Rate Factors link under Go to provided you do both of the following:

  • Set the data type to rate.
  • Select the Schedule Rate check box.

You use this page to add one or more rate factors that combine to give the value of the schedule credit.

You set the Default Minimum and Default Maximum values for this individual rate factor in Display section of this page. These minimum and maximum values constrain the amount of the credit you can enter in PolicyCenter for that rate factor, absent any state-specific minimum and maximum values.

On the modifier rate factors State Min/Max page, use the links under Go to to configure the following behaviors for individual rate factors:

  • State Min/Max to configure jurisdiction-specific minimum and maximum rate factor values.
  • Availability to configure availability for individual rate factors.
  • Offerings to add or remove individual rate factors from offerings.
Note: The values available in the Rate Factors page are restricted to the overall range of values specified in the Display section of the Product or Policy Line home page. The sum of all rate factor values must be within the overall minimum and maximum for the schedule rate modifier. The values are also subject to the overall jurisdiction-specific minimum and maximum values for the modifier.

Example of schedule credits

In Product Designer, the General Liability line defines a number of schedule rate modifiers on the Rate Factors page. Navigate to Policy Lines > General Liability Line > Modifiers > GL Schedule Modifier > Rate Factors. The rate factors include the Location - Inside Premises and Location - Outside Premises types.

You access these values in PolicyCenter through the General Liability Modifiers screen.

In the Modifiers screen, the Overall row displays the minimum and maximum allowable values for the individual columns. These values are configured in Product Designer in the Display section of the Product or Policy Line Modifier home page. The values correspond to the Default Minimum and Default Maximum fields if no jurisdiction-specific minimum and maximum have been specified.