In personal auto claims, there are Standard reserves and Recovery reserves. Standard reserves are configurable and can consist of Loss and Expense reserves. Recovery reserves are also configurable and can consist of Reinsurance, Subrogation, and Salvage.
To set reserves, access the desired exposure, navigate to the Exposure Accounting screen, and:
- In the Actions column of the Exposure Accounting Summary, select Edit Reserve associated with the type of reserve you’re setting. The Edit reserve dialog box will open.
- In the New Reserve box, type the amount of the reserve. The Change By box will automatically update to display the amount of change in reserve. Similarly, in the Change By box, you can type the amount you’re changing the reserve by. The New Reserve box will automatically update to display the amount of the new reserve based on the amount it was changed by.
- In the Comments box, type any comments about the reserve. This is a required field.
- Select Save.
Note: Selecting Save will trigger rules based on policy limits and financial authority limits.