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Rate Groups

Rate groups help organize and associate rates together in the AsRateGroup table. Once a rate group is created a unique GUID is assigned and used to link the rate group to rates. The rate group stores a description for rates, the rate indexing method and rate criteria(s). These key pieces of information are required for the rate group and drive how the system will use the associated rates for configuration and policy events.

Key information required for rate groups:

Rate Description: A descriptive name that is used to identify the rates. This should be the name provided with the rate table. This is stored in the RateDescription column in AsRateGroup.
Integer Criteria: This is used as a means of identifying the name of the primary method of rate indexing. Rate indexing is a mechanism employed by insurance companies to track the amount of time or change affecting an insurance rate. Main indexes are generally age and policy duration (in years), which are both integer indexes. The actual index values, such as 1, 2, 3, etc., are actually stored in AsRate. The name of the index is stored in IntegerCriteria of the AsRateGroup table.
Rate Activation Date: This date is used in conjunction with a policy’s effective date to identify when a set of rates is active for a policy. The policy must be effective on or after the date listed here to use the set of rates. It is this date that is used as a way to distinguish multiple sets of rates tied to a single rate group name. Rates may change due to re-pricing after the launch of a plan or for various other reasons. While all other factors may remain, by creating an identical rate group with a different rate activation date, you can manage another set of rates for the same product.

Rate Activation Date is stored as EffectiveDate in the AsRateGroup table.

Transaction From Date: A date used in conjunction with a transaction that requires the use of rates if a transaction occurs on or after this date, but prior to the ActiveToDate. This is stored in the ActiveFromDate column in AsRateGroup.

Transaction From Date cannot change after it has been set, as the system would see this as a need for undo/redo or backdating.

Transaction To Date: A date used in conjunction with transaction that requires the use of rates if a transaction occurs before this date. This is stored in the ActiveToDate column in AsRateGroup.

Transaction To Date cannot change after it has been set, as the system would see this as a need for undo/redo or backdating.

Criteria 1 through 10: In these fields you will enter the criteria descriptions for the Excel spreadsheet with the rates. Criteria names must remain constant for all rate groups in the system. For example, if UWClass is used, then there should not also be entries for Underwriting Class or UWclass. Keep the syntax and spelling the same for criteria with the same meaning. These criteria names will correlate to columns in your rate table. The system is based on XML and is case sensitive so your criteria casing must match. For example, the words Gender and gender are interpreted differently.

In AsRateGroup, the StatusCode, TypeCode and XMLData columns are not used.