Topics on this page

Rate Preview

In Rate Preview, you can create scenarios to test, validate, and preview rates directly in BriteLines.

The Rate Preview screen displays the:

  • Scenario’s risks.
  • Premium per risk.
  • Total premium.

Learn how to access the Rate Preview screen.

Important things to know:

  • The product configuration changes are immediately available for testing.
  • The first time you access the Rate Preview screen in a product:
    • You will land on the summary screen.
    • The summary screen will have a blank scenario.
  • The Policy level risk type is always added by default.
  • The Policy Term Premium adjusts according to the policy term length.

Policy

From the Rate Preview screen, you can access the Policy Information screen, which displays all of the information you have added to a policy.

Policy Information screen

To access the Policy Information screen:

  • On the Rate Preview screen, select Policy.

On the Policy Information screen:

  • Under Policy 1, you can:
    • Locate missing mandatory information and unresolved references.
    • Add missing mandatory information in the yellow boxes.
    • Troubleshoot and resolve unresolved references.
  • In the Full Term Premium box, you can: 
    • View all of the items in that risk type.
    • Select/unselect the checkbox by any item that isn’t mandatory to add/remove it from the rate preview.
    • Select an item to view:
      • Resolved References: Resolved variables and their outputs.
      • Unresolved References: References with issues preventing rating.

Note: If you have unresolved references that are missing a reference, ensure all of the mandatory (yellow) boxes under Policy 1 are completed.

Risk types

You can add risk types to a policy to see how they affect the rating:

  • On the Rate Preview screen, next to Policy, in the Add a new dropdown list, select the risk type you want to add.

Transaction types

Rate Preview has six transaction types:

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

Note: Since you can’t modify the Term Effective Date during endorsement, cancellation, or reinstatement transactions, 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.

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.

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 display

The 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.

Rate Preview documentation

BriteLines training progress

96%