You can set up deductible groups to enable the creation of a single set of deductibles across line items and sync the deductibles across line items.
The syncing feature lets line items share the same deductible without being individually updated, allowing the deductible to display on multiple line items.
Deductible groups permit discounts for higher deductibles and surcharges for lower deductibles. Once you add a deductible group to a line item, modifications to the premium amount are automatically calculated during policy issuance.
Example: A Homeowner’s Deductible Group with deductibles of $100.00, $250.00, $500.00, $1,000.00, and $2,500.00 can be referenced during the lines build. All five deductibles will load when you select the deductible group, eliminating the need to retype them each time.
To set up deductible groups:
- In the BriteCore menu, select Lines.
- On the Effective Dates screen, select the effective date you want to use.
- On the Policy Types screen, select the Components dropdown list, and then select Deductible Groups.
- On the Deductible Groups screen, select Add a New Deductible Group plus icon .
- In the Deductible Group dialog box, complete the following steps:
- In the Name of Group box, type the name of the group.
- In the Deductible box, type the dollar amount of the deductible.
- In the Modification dropdown list, select the modification type.
- In the Modification box, type the modification amount.
- To add additional deductibles, select the Add [#] Row(s) plus icon. If you have more than one deductible in the group, use the Default column to select the default deductible.
- In the Round Precision dropdown list, select how precise you want to round the group deductibles.
- In the Round Method dropdown list, select the method you want to use to round the group deductibles.
- Select Done.