Example Ratings for Specific Insurance Types (Life and Public Liability)

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Introduction

This area of SchemeServe is more complex than most others. In order for you to make the most out of using our Help Guide for developing your own rates, it would be best if you read all the parts of this guide in order. To help you with this they are listed in numerical order in the “See Also” section of each page. You can click on a link to take you to section 1 and then move through logically at your own pace.

Example Ratings

These example ratings are provided for information purposes only. Each Scheme and Insurer will require a specific rating table based on your company's unique needs.

Example 1: Life Rating

Tip: You can enter multiple columns for each combination of question-answers you would like to rate on, so for example, on a life insurance scheme your first column might be "Answer:SmokerYesNo" and your second column "Answer:Age". This would allow you to create higher rates for smokers above a certain age.


Based on the information above the rating table would look something like this:


1.Answer:SmokerYesNoAnswer:AgeSetRate:SumAssured
2.Yes7220.0
3.No727.5
4.Yes222.5
5.No220.5


Example 2: Public Liability

In another example you might want to determine a Public Liability Indemnity Limit based on the level of cover required and you want to set different premiums for each, £2,000,000 limit £250 and £5,000,000 limit £500. In this case, the entry in the rating matrix would be structured as below;


1.Answer:PLCoverRequiredSetCover:PublicLiabilityIndLimit
2.2000000250
3.5000000500


See Also:

  1. Introduction to Rates in SchemeServe
  2. Uploading SchemeServe Rating Files
  3. Downloading SchemeServe Rating Files
  4. Flat Rating: Building Your First SchemeServe Rating File
  5. Conditions for Rating Files
  6. Actions for Rating Files
  7. Rating Modifiers: What they are and when to use them
  8. Multi-Step Ratings: Using Multiple Sections in Rating Files
  9. Advanced Ratings: Using Formulae
  10. Advanced Ratings: Conditional Statements and Functions
  11. Advanced Ratings: Rounding Values
  12. Master Rating: Using Tables and Row Lookup Loops
  13. Example Ratings for Specific Insurance Types (Life and Public Liability)
  14. Mathematical Helper Functions for Ratings Files
  15. Rating Agents: Tips and Tricks