Table of Contents
Example: Add Rate Class for Workers Compensation
Example: Add Rate Class for Workers' Compensation
The following shows the process of adding a rate class for Workers' Compensation coverage in Coverages when adding a new allocation.
- In Coverages, find the Workers' Compensation coverage. Under the action menu, select Rates.
- Click Add Rate.
- Fill in the fields. Note that the asset type selected in the General section of this coverage is Exposures.
- Type in a Name.
- Type in a Weight.
- Select a Divisor, which is usually either 1 or a multiple of 10. The divisor is the number that the total asset value will be divided by to compute the allocation. The purpose of the divisor is to provide more precision when creating the rate values and the resulting charges.
- For the Exposure Type, select Payroll since workers' compensation class codes are organized under this exposure type.
- Class codes help determine payout rates so it is helpful to create a rate class for each class code used by your company. Use the Advanced Query to identify the class codes to be included in the allocation.
- Select Save Coverage.
- Select Close Coverage.
Every coverage must have at least one rate class included or the allocation amount will be $0.
If you selected Fixed Rate as the Program Type when adding the coverage, you will define dollar amounts that will serve as rates for each asset rate class. These amounts will be used to calculate the final charges. Note that with a Fixed Rate coverage, Quadra will not take the target allocation into account. Read more about selecting Fixed Rate or Full Distribution for Coverages.
View other examples:
Add Rate Class for Auto Coverage