Policy Premium Overview

What information is shown in the "Premium" section in the policy overview? How to edit gross premium of the policy?

Raili Vunk avatar
Written by Raili Vunk
Updated over a week ago

When creating a policy, you have two different views - simple view and full view. In both cases, you are presented with a premium section to insert a premium for this policy.

Simple view

In the simple view, you can choose policy premium on the Step 1. 

In the "Premium" field, you can insert the premium sum. If there are more than one currencies chosen from the System Management, you get all the options here. 

Full view

In the full view, the premium-related settings are in Step 4. As in simple view, you can choose the Gross Premium sum and the currency.

From full view, however, you can additionally specify who will be collecting the payments as well as the installments number. 

Premium section overview

Once the policy has been created, information in the premium section is created. If installment schedule is created and the sums match up, you will be shown an overview of the policy premium: 

As you can see, you still have the option to edit the gross premium. To do that, click on the "edit" button and make the necessary changes to the premium.

Note: Editing the policy premium does not make any changes to the installments. To update installments, go to "Installment schedule" tab and click on "Generate installment schedule" to update installments so it would match the sum in the policy premium section. 

Changing the installments

You can edit the installments and change the sums in the "Installment schedule" tab as well.

Note: This will not automatically change the gross premium sum in the policy overview! To change the overall gross premium, you need to edit it manually as shown previously. If the totals in the installment schedule and policy premium overview do not match, you will see an error notification in the premium section:

The same warning will be given if the installment schedule has not been created after creating the policy.

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