You can set up premium groups to identify a minimum or maximum premium amount for coverage groups.
Example: Coverages A, B, C, and D can be grouped with a minimum premium of $100. In this case, the system will charge at least $100 for this coverage group.
To set up premium 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 Premium Groups.
- In the Min/Max Premium Groups section, select the Add a New Min/Max Premium Group plus icon .
- In the Min/Max Premium Group Setup dialog box, complete the following steps:
- In the Min/Max Premium Group Name box, type the name of the group. If the group limits premium discounts, select This group limits Premium Discounts.
- In the Enforcement Type dropdown lists, select the enforcement type for the group, and then complete one of the following steps:
- Select Premium is an amount, and then, in the box, type the premium amount.
- Select Premium is a percentage of the total Policy Premium, excluding certain Line Items.
- In the Line Items to Include in Min/Max Premium Group section, select the line items you want to include in the group. Select the folders to view all of the available line items.
- Select Save.