Recalculate Policy
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Overview of HP100RECAL
When saving a policy that is marked to be system-calculated, DDI-Connect prompts you to recalculate the premium amount for that policy. It is strongly recommended that you always recalculate the premium. You can also manually recalculate by clicking the Actions button on a policy and then selecting Recalculate Premium. When you do, you'll see this box:
The following fields are available on this screen:
| Field | Description |
|---|---|
| Use rates effective on | This date determines which rates to use when calculating the policy and the insureds to include. DDI-Connect looks for the premium rate effective on the date selected and uses that rate. It also looks for all insureds covered on that date. Insureds are covered on the start and end date as well as the days in between. Any insured not covered on the date selected is excluded from the calculation. Uses the policy start date as the default, if in the future. Otherwise uses the current business date as the default. To modify the date, enter the date in mm/dd/yyyy format or click the calendar icon to select the date |
| Calculate premiums based on insured ages on | Date to use for age computations. For policies where premiums are determined based on age, DDI-Connect looks at each insured’s age on that date and uses that age to determine the premium. To modify the date, enter the date in mm/dd/yyyy format or click the calendar icon to select the date |
Once you have selected the dates you wish to use, click the Recalculate Now button. The system will calculate the premium based on the dates provided, and update the Monthly Premium field on the Policy Maint tab:
