Insurance Company Product
- Lango: Language and translation manager
On the Insurance Product Card, the user enters the product parameters for a specific insurance company. At this level, the user defines the most basic properties, which are then inherited to lower levels.
An overview of the Insurance Company's Products is available via the navigation bar or through the magnifying glass.
The insurance product tab has two tabs: General and Calculation.
Insurance Company Product Card – General
Field:
Insurance Company No. (Insurance Company No.)
If the user selects an insurance company, the system automatically fills in its name
Insurance Product No. (Insurance Product No.)
After selecting an insurance product, the system automatically fills in the product name
Mandatory inspection of documentation (Mandatory Inspection and Foto)
If the user ticks this box, then when the insurance contract is switched to the Active status, an insurance inspection card with the status Not performed is automatically created. The system calculates the execution date from the date of the beginning of the insurance contract + the number of days for the inspection according to the type of insurance framework contract. For an individual insurance policy, they will only create an inspection if there is an "insurance company product" and there is a check mark. If there is no "insurance company product" for an individual policy, it does not constitute an inspection.
Insurance Company Code (Insurance Code)
The user fills in this field if the insurance company requires its product code to be provided when reporting.
Addition to Product Type (Addition to Product Type)
If this insurance product has a mandatory link to another insurance, the user selects the product to which it is linked
Addition Order in Report (Addition Order No.)
There can be a maximum of 7 additions in the report. The user must specify the order of the add-in.
When the report is generated, the add-ons will be populated in the statement row in the order specified for the add-ins at that level.
Number of variants (Number of Variants)
This is a calculated field. When clicked, the system will show the product variants
Number of Input Conditions (Number of Input Conditions)
This is a calculated field. When clicked, the system displays the conditions of entry into the insurance
Number of Additional Condition (Number of Additional Conditions)
This is a calculated field. When clicked, the system displays the additional conditions for entering the insurance – security
Number of Discounts/Surcharges (Number of Discounts/Surcharges)
This is a calculated field. When clicked, the system will display the entered discounts/surcharges
Participation (Participation)
The field will be left blank if there is no deductible for this product.
The user chooses how to enter the deductible. Selects an option
Insurance Company Product Card – Calculation
Field:
Client Calculation Method (Client Calculation Method) / Method of calculating insurance premiums for the insurance company (Insurance Company Calculation Method)
The user selects one of the options
Pro Rata Month (Pro Rata Month) – an incomplete period at the beginning of insurance is counted as "pro rata" (e.g. for UGS). With this option, the system calculates the "pro rata" for the first incomplete month, regardless of periodicity.
First Month Free (First Month Free) – the premium is calculated only from the following month (regardless of periodicity).
Technical Period (begin) (Technical Period (begin)) - The technical month starts and ends on a day other than the calendar month. (E.g. from 15.1. - to 14.2. In the case of a technical month, it is important to determine when the insurance premium is due. In this case, it would be in the month of January).
Technical Period (end) (Technical Period (end)) - (according to the previous example, the levy would not be until February)
First Period Free (First Period Free) – the premium is calculated from the following period according to the periodicity (in the case of an annual period, an incomplete year from the beginning of the insurance would be free of charge).
Pro Rata Period (Pro Rata Period) - (With an annual period, the pro rata for an incomplete year would be from the beginning of the insurance).
Pro Rata Calculation (Pro Rata Calculation) / Daily Rate Calculation (Daily Rate Calculation)
the first level of setting on the insurance company cards, the Calculation tab (see chapter 3.2.3.2.)
Preset values can be changed by the user for a given product and insurance company
Year Insurance Rounding (Year Ins. Rounding Method) / Period Insurance Rounding (Period Ins.Rounding Method) / Pro Rata Rounding (Pro Rata Rounding Method)
the rounding method is defined by selecting from the Rounding methods table. The Rounding Methods table allows you to set up different rounding methods.
Rounding is valid for local currency
foreign currency rounding is set for each currency separately, Menu/ Calculation settings, (see 3.2.4.3.5 Currency rounding)
Rate rounding after discount (Roundinf Method after Discount/Surchargei)
Rounding is applied by the system after entering a discount/surcharge on the insurance rate for both the client and the insurance company. Field is required - must be set
LCY Calculation (LCY Calculation)
To convert to local currency, it is necessary to set the "LCY calculation" field
The user selects one of the options for calculating the local currency:
After foreign currency rounding – the system first rounds the amount in currency (according to the currency rounding method) and then converts it to the local currency
Before foreign currency rounding – the system recalculates the local currency from an unrounded foreign currency amount
The field setting Method of applying coefficients / Use coefficient / Subresult rounding method / Parameterizable rate / Parameterizable rate is for parameterizable rates. The user defines a parameter that the system evaluates when creating an insurance contract and automatically assigns a discount or surcharge based on the evaluation.
Method of applying coefficients (Coefficient Application Method)
The user selects one of the options when to multiply by the coefficient
Rate (Rate) - The parameter coefficient is applied to the base rate.
Rate x Base (Rate x Base) - The parameter coefficient is applied to the resulting premium.
Use Coefficient (Use Coefficient)
The user determines when rounding is required
Final (Final) - Round the result after applying all coefficients
Singly (Separately) – the system rounds after each multiplication by a coefficient. In this case, it depends on the order of the parameters
Fixed-term insurance (Fixed Time Insurance)
It will be marked Yes if the product can only be arranged for a certain period of time
Fixed Time Period (Fixed Time Period)
If Fixed-Time Insurance = Yes, the Fixed Time Period is entered
Subresult Rounding Method (Subresult Rounding Method)
the rounding method is selected when using the coefficient - individually
Parameterizable rate (Parameter Rate)
In the case of insurance with a discount based on parameters determined automatically, the user ticks the use of coefficients
No. of Parameters (No. of Parameters)
Calculated field – the number of defined parameters, when clicked, it shows the individual parameters.
Fix Rate (Fix Rate)
The rate does not change for the duration of the policy. The field is not checked only for "bonus" insurance policies, where the each year It takes into account the bonus/malus and the base rate (batch job) can also change
Pro Rata in First Installment (Pro Rata in First Payment) (Do not shift posting date for rata at the beginning - aliquots in GA)
If checked, the posting date of the first payment will be (incomplete) immediately in the period of this payment. If not checked, the U pro rata posting date will be from the next instalment – it is paid "pro rata" with the full instalment.
Add the incomplete period at the end to the last full period (Last Payment with Whole Period)
If checked, the system will create the last incomplete payment line with the same posting date as the last full payment.
Do not create calendars for the entire duration (Don't Create Cal. For Whole Period)
We don't recommend turning on this option. The system then creates calendars only for the first period of the period and there is a distortion when evaluating the profitability of the financing contract.
Don't Calculate Pro Rata on 1. day of month (Don't Calculate Pro Rata for 1. day in month)
In the case of the "Insurance Calculation Method" "Pro Rata Month" or "Pro Rata Period", the system calculates the premium for the first month or "for the third" period on a daily basis. If this box is checked, it does not calculate for the period by days if the insurance contract starts on the 1st day of the month. Then the first installment will be the same as the other installments.
Maximum Insurance Discount Limit 1 (Max. Insurance Discount Limit 1) / Max. Insurance Discount Limit 2 (Max. Insurance Discount Limit 2)/ Maximum Insurance Discount Limit 3 (Max. Insurance Discount Limit 3)
Three levels of discounts. On the insurance company's product, the user enters the maximum limits for the three levels of discounts. The discount can be granted based on the rights assigned in the user settings.
Insurance Company Product Card – MENU
Insurance Input Conditions
Insurance Company Products / Other Terms and Conditions / Insurance Insurance Conditions
Possibility of recording various conditions of the insurance company.