Motor - Add On Cover Flashcards
What are some points to be considered for enabling add on cover in motor lob?
1) Whether there is a product level max vehicle age applicable for this add on cover.
2) what are the cover level loading and discounts applicable.
3) new add on cover to be enabled in cover grid - cover name drop down.
4) will user be able to key in the sum insured and what is the maximum sum insured (for example, IDV)
5) if the add on cover can be added or deleted through mid term endorsements. If so, which endorsement type.
6) where this cover will be shown on the policy schedule and if there will be new rows added for it and it’s cover level l/d.
7) NOLs applicable for this add on cover.
8) what is the premium refund logic for the add on cover for policy cancellation and mid-term exclusion?
What are the impact on the relevant masters?
1) add on cover UIN no master. Whether this add on cover needs to be enabled there?
2) add on cover loading discount rate defining master.
3) add on cover enablement master - intermediary code level, if not, then, intermediary category level and if not, then, product level - this is the hierarchy for determining rates.
4) add on cover maximum vehicle age master.
In addition to the above:
a) Add on cover inclusion/deletion RTO master
b) Add on cover inclusion/deletion Business master
c) Add on cover inclusion/deletion Intermediary code master
d) Add on cover inclusion/deletion Business location-Intermediary code master
If “Include” option is selected from, the dropdown of the “Coverage” option field in the above masters the same add on cover will be considered by default for the renewal transaction.
If “Delete” option is selected from, the dropdown of the “Coverage” option field in the above masters the same add on cover will not be considered by default for the renewal transaction. If user selects the same add on cover for the transaction at the time of calculation the same will be automatically removed during the computation process.
What is the impact on claims?
Add-on cover will be included in the claim registration and claim processing screens through the Add-on Cover Applicable Amount Grid.
* The NOLs related to this add-on cover will be listed in the LOV for Loss Type list of values that opens up from within the NOL field.
* This Add-on cover is applicable only for Own Damage claims.
* No validation during the claim registration stage for this new add-on cover.
* Claimed amount validation will be made mandatory in the processing screen during claim only if the amount is entered in break up details against the respective add-on cover.
* Add-on cover will be enabled in the relevant cordy views (for example: Intrfc.motor_addon_cover_Vw).
* Add-on cover to be enabled in respective cordys functions.
“INS.CLMFUNC_GET_COMPDED_ ADDONCOVER” view.
