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In this session we want to look at WHY, WHEN and HOW we Manually raise a Premium.

Now in this example we are looking at a Policy Master Record and we are going to go to the raised Premiums just to have a look.

 

 

Slide 2

 

Now these 2 Premiums we see here, were automatically raised by the System, but we cannot tell that by just looking at them. Although, in this case, they were automatically raised.  When we automatically raise a Premium, it will appear here in the same fashion.

 

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Now here is the scenario: Say we have already performed the Automatic Premiums for November 2007 and we now do a New Policy that will also start in November, then we are not going to repeat Automatic Premiums.

We will Manually raise the 1st Premium for November and after that the System will take over with the Automatic Premiums.

 

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Slide 7

 

It is absolutely essential for the necessary Premiums that are due on a Policy, to be raised.

So, in cases where the System is not going to do it automatically, either because the Calendar month has already been done, or perhaps there is no interval and we have use the other Options for the Fee interval.

Then in that case the System is not going to do it automatically either. Then we will do it manually.

Now it is important to do it because that raises a charge on the linked Customer Account.

 

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So now we will go and do an example of how we Manually Raise a Premium.

 

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It is easy to do because we just select the Customer and the System will offer us the Policies on this Customer Account.

We select the Policy and then we select the Premium Month or Calendar Month and Premium, here.

 

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If the necessary Fields on the Policy Master have already been specified, then of course the System will default al these values.

If the Premium Amount is to be different, we can change it. If the Premium Month, and or the Year should be different, we can also change that.

 

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In this case the Calendar Month is already correct and I am simply showing how we may change it if we need to.  Now the Calendar Month and Year is that Month for which the Premium is due or is being raised.

That is usually the same as the Financial Transaction Period, but not necessarily so.

For example, if a past Premium has been overlooked, and is only processed now, but is for 4 months ago, then we will still select the correct Calendar Month and Year. Although, we may be processing it in the Current Financial Period because the Financial Period for 4 months ago is already closed.

 

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From the Policy Number and the Insurance Account the System will derive automatically the lined A R Debtor Account that is going to be charged and all we will do now is choose “Post”.

 

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Slide 29

 

And now we can go and have a look on the specific Policy where that Premium was raised.

 

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Now in this case the 1st Premium here was raised automatically by the System.

The 2nd one, which is for the same month, 200711, is the one that was done manually.

We can of course drill into this transaction to see what happened in this case.

It would probably we wrong because we should not have 2 Premiums for the same month and we can Reverse or Remove it but that is the subject of another Tutorial.

 

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And this is the transaction set that was processed by the System by the Manual raising of that Premium.

 

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In the majority of cases the System will be raising the Premiums Automatically when we use that Function from the Menu.

But there are instances where we will Manually raise a Premium because it has to be done.  If we are using “Other” as the interval, or we are in the situation where we have to raise the 1st Premium because the Automatic Premium have already been performed for this particular Month or Calendar Period, then we will do a Manual Raising of the Premium.