Rate Preview overview

The Rate Preview feature allows you to create Scenarios to test and validate rates directly in BriteLines.

Note: Product configuration changes are immediately available for testing.

Learn how to access the Rate Preview screen.

Rate Preview screen

The Rate Preview screen displays:

  • Scenario’s risks.

    Note: The Policy level risk type is always added by default.

  • Premium per risk.
  • Total premium.

Policy term

The available policy term options are configured at the product level. For new business transactions, you can select from any term options configured on the Rate Preview screen. The selected term displays as read-only for all other transaction types and when only one option is configured.

Note: The Policy Term Premium adjusts according to the term length.

Transaction types

On the Rate Preview screen, you can select a Transaction Type to test any configured transaction-specific logic. You can access transaction types from within the calculation logic.

Rate Preview has six transaction types:

  • New Business
  • Renewal
  • Endorsement
  • Cancellation
  • Rewrite
  • Reinstatement

For more information, please see the Available Functions section on the Rating Calculations page.

Rate Preview transaction types

New Business

  • The Term Effective Date field displays.
  • The date defaults to the current system date, but you can modify the date.

Renewal

  • The Term Effective Date field displays.
  • The date defaults to the current system date, but you can modify the date.

Endorsement

  • The Endorsement Date and Term Effective Date fields display.
  • The date defaults to the scenario’s effective date, but you can modify the date.
  • The Endorsement Date must be within the term’s effective and expiration dates.
  • The Pro-Rata Premium displays in addition to the Policy Term Premium.

    Note: Since you can’t modify the Term Effective Date during an endorsement transaction, the Term Effective Date field displays as read-only.

Cancellation

  • The Cancellation Date field displays.
  • The date defaults to the scenario’s effective date, but you can modify the date.
  • The Cancellation Date must be within the term’s effective and expiration dates.
  • The Pro-Rata Premium displays in addition to the Policy Term Premium.

    Note: Since you can’t modify the Term Effective Date during a cancellation transaction, the Term Effective Date field displays as read-only.

Rewrite

  • The Term Effective Date field displays.
  • The date defaults to the current system date, but you can modify the date.

Reinstatement

  • The Reinstatement Date field will display.
  • The date will default to the scenario effective date, but you can modify it.
  • The Reinstatement Date must be within the term’s effective and expiration dates.
  • The Pro-Rata Premium will display in addition to the term premium.

    Note: Since you can’t modify the Term Effective Date during a reinstatement transaction, the Term Effective Date field displays as read-only.

Scenarios

Each new test case you create in Rate Preview is called a Scenario. You can use scenarios to save multiple test cases for later use.

Note: Scenarios are stored per product version and available only in the product version they were created in.

When working with scenarios, you can:

Premium display

On the Rate Preview screen, you can select a risk type to view its premium details, which includes each item’s limit(s) and deductible.

Note: In the Premium section, select an item’s name to view its Rating Details, including Resolved References.

In the Premium section:

  • Items provide rating details, such as Resolved References and Unresolved References if applicable.
  • Default and optional items display with a checkbox.
  • Default items are initially selected, but you can unselect an item to remove it.
  • Optional coverages aren’t initially selected, but you can select the ones you want to add.

    Note: Items configured with an endorsement type only display when the items they modify are included in the scenario.

Pro-Rata Premium

Pro-rata Premium displays:

  • In addition to the Policy Term Premium for Endorsement and Cancellation transaction types.
  • At the line item, risk, and scenario levels.