Creating insurance policy

This page allows you to create an insurance policy. Tell me more.

Select the “Create Insurance Policy” link under the “Asset Insurance” business component.

The “Create Insurance Policy” page appears.

Enter the following fields:

Policy No	A unique code identifying the insurance policy (Alphanumeric, 18). Mandatory.
Policy Type	Use the drop-down list box to select the type of insurance policy that you want to create. All the policy types that have been defined in the “Create Quick Code” activity of the “Quick Code Definition” business component and are in the “Active” status will be available for selection in the ascending order.

The system displays the following:

Status	The status of insurance policy. It could be “Draft”, “Fresh” or “Active”.
	Draft – indicates a newly created policy for which the payment information has to be added.
	Fresh – indicates that the details of the policy have been entered along with the payment information.
	Active – indicates that the newly created policy has been authorized.

Enter the following fields:

Policy Desc.	A textual description of the policy (Alphanumeric, 40). Mandatory.
Insurance Company Code	Use the drop-down list box to select the code identifying the insurance company. All the insurance companies that have been created earlier will be available for selection in the alphabetical order.

Note: “Blank” will be displayed on launch of the page if no insurance companies have been created earlier.

Blanket Payment	Use the drop-down list box to indicate whether a blanket payment has been made for the policy. Blanket payments are one time payments made as premium for the insurance cover. The system displays “Yes” by default on launch of the page.
Policy Amount	The value of the policy (Decimal). Mandatory. The value entered in this field must be greater than zero.
Premium Amount	The premium amount, which is due for the policy (Decimal). Mandatory. The value entered in this field must be greater than zero.
Risk Coverage %	The percentage of risk covered by the policy (Decimal). The value entered in this field must be greater than zero and less than 100.
Effective Period From	The start date of the period during which the asset is covered by the policy (Date Format). Mandatory.

Note: This date must be before or the same as the date entered in the “To” field.

To	The end date of the period during which the asset is covered by the policy (Date Format). Mandatory.

Enter the following fields in the “Asset Selection” group box to search for the assets that are covered under this policy:

Option	Use the drop-down list box to select the option from “Upload” or “Specific Search”.
	Upload – indicates that the asset information will be retrieved from an external source like an MS-Excel sheet or a database.
	Specific Search – indicates that the asset information will be retrieved from the “Asset Capitalization” business component mapped to the login organization unit.
	The system displays “Specific Search” by default on launch of the page.
Asset Class Code	Use the drop-down list box to select the code identifying the class to which the asset belongs. The asset classes that have been defined in the “Create Asset Class” activity of the “Asset Type Definition” business component and that are in “Active” status will be available for selection in the ascending order.
Asset Location Code	The code identifying the location in which the asset is available (Alphanumeric, 20). The location code must have been defined in the “Create Asset Location” activity of the “Asset Location” business component and must be in the “Active” status.
	Help facility available
Asset Group Code	The code identifying the group to which the asset belongs (Alphanumeric, 25). The asset group must have been defined in the “Create Asset Group” activity of the “Asset Type Definition” business component and must be in the “Active” status.
	Help facility available
Finance Book	Use the drop-down list box to select the code identifying the finance book in which the asset details have been posted. All the finance books that have been mapped to the login organization unit will be available for selection in the ascending order. The system displays “Blank” by default on launch of the page.
Tag Status	Use the drop-down list box to select the status of the asset tag that you want to retrieve from “Insured Tags”, “Uninsured Tags” and “All”.
	Insured Tags – indicates that the system would retrieve the details of assets that have been insured under at least one policy type.
	Uninsured Tags – indicates that the system would retrieve the details of the assets that is yet to be insured under a policy type.
	All – indicates that the system would retrieve the details of all assets irrespective of whether they have been insured or not.
	The system displays “All” by default on launch of the page.
Value Type	Use the drop-down list box to select the type of the value based on which the asset has to be retrieved for insurance. You can select from “Insurable Value”, “Asset Cost” or “Net Book Value”.
	Insurable Value – indicates that the asset has been valued by an external agency based on the current market rates
	Asset Cost – indicates that the asset has been valued on its original cost price.
	Net Book Value – indicates that the asset has been valued based on the net value available in the books of accounts.
	The system displays “Insurable Value” by default on launch of the page.
Asset Value From	The starting number in the range of asset values for which you want to retrieve the asset details (Decimal). The value must be less than the value entered in the “To” field.

Note: The value entered in this field must be greater than zero if “Specific Search” has been selected in the “Option” field.

To	The ending number in the range of asset values for which you want to retrieve the asset details (Decimals).

Note: The value entered in this field must be greater than zero if “Specific Search” has been selected in the “Option” field.

Asset No	The code identifying the asset that you want to retrieve for insurance (Alphanumeric, 18). You can enter the code in full or specify it partially using the “*” character. The system retrieves all the asset codes similar to the value entered here.
Asset Desc.	A textual description of the asset (Alphanumeric, 40). You can enter the description in full or specify it partially using the “*” character. The system retrieves all the assets that have descriptions similar to the value entered here.
Cost Center	The code identifying the cost center to which the asset has been mapped (Alphanumeric, 10). This cost center must have been defined in the “Create Cost Center / Unit” activity of the “Cost Setup” business component.

Click the “Get” pushbutton to retrieve the “Asset Information” details.

The system displays the following in the “Asset Information” multiline based on the search criteria entered in the “Asset Selection” group box:

Asset No	The unique code identifying the asset.
Asset Desc.	The textual description of the asset.
Tag No	The unique code identifying the asset tag.
Tag Desc.	The textual description of the asset tag.
Tag Status	The status of the tag. It could be any of the following:
	Insured Tags – indicates that the asset has been insured under at least one policy type.
	Uninsured Tags – indicates that the asset is yet to be insured under a policy type.

Enter the following field in the “Asset Information” multiline:

Premium Amount

The premium amount due for the asset (Decimal). The value entered in this field must be greater than zero.

The system displays the following in the “Asset Information” multiline:

Insurable Value	The insurable value of the asset.
Soft Revaluation Run No	The number identifying the soft revaluation rule that been run in the “Asset Revaluation” business component.
Finance Book	The code identifying the finance book in which the asset details have been posted.
Asset Class Code	The code identifying the class to which the asset belongs.
Asset Location Code	The code identifying the location in which the asset is available.
Asset Group Code	The code identifying the group to which the asset belongs.
Cost Center	The code identifying the cost center to which the asset is mapped.

Check the box in the “Select” column of the multiline to mark the assets to calculate the “Total Premium Amount” or to add to the list.
Click the “Compute Total” pushbutton to calculate the total premium amount.

The system calculates and displays the following:

Total Premium Amount

The sum total of all the premium amounts entered in the “Asset Information” multiline.

Note: This amount must be equal to the premium amount of the policy.

Click the “Add To List” pushbutton to add the assets to a temporary list before the creation of a policy.

The system saves the details of the selected assets temporarily till the final “Create” is executed.

Click the “Show List” pushbutton to view the temporary list of assets before the creation of a policy.

The system retrieves all the assets that have been added to the list after multiple searches.

Click the “Create” pushbutton to create the insurance policy.

Status Updation

The status of the policy is updated to “Draft” if “Blanket Payment” has been set to “No”.
The status of the policy is updated to “Fresh” if “Blanket Payment” has been set to “Yes”.
The status of the renewal number is updated as “New”.

The system updates the login ID of the user and the system date in the “Created By” and the “Created Date” fields.

Click the “Create and Authorize” pushbutton to create and authorize the insurance policy.

Status Updation

The status of the policy is updated as “Active”.
The status of the renewal number is updated as “New”.

The system calculates and updates the finance book wise policy premium amounts.

The system updates the login ID of the user and the system date in the “Created By” and the “Created Date” fields.

Click the "Print"

The system displays the following:

Created By	The login ID of the user who has created the policy.
Created Date	The date on which the policy was created.

To proceed, carry out the following

Select the “Payment Information” link at the bottom of the page to add the payment due information of the policy.
Select the “Insurance Company Information” link at the bottom of the page to add the details of the insurance company.
Select the “Attach Notes” link at the bottom of the page to add any additional information regarding the insurance policy.
Select the “Edit Insurance Policy” link at the bottom of the page to modify the details of a newly created insurance policy.

Creating insurance policy – An overview

You can enter details like policy number, description, the insurance company that has issued the policy, the amount for which the policy has been raised, the premium amount to be paid to the company and the percentage of the risk covered. If a blanket payment has been made to the insurance company, you can also indicate it. A blanket payment is a flat one-time payment made as a premium for the insurance policy.

This page also allows you to upload the insurance details and the asset information from an external source like an MS Excel sheet or an external database. Otherwise, the system will retrieve asset information from the “Asset Capitalization” business component that is deployed in the login organization unit. The moment an asset is capitalized it assumes an “Uninsured Tag” status indicating that the asset is yet to be placed under insurance cover. Once the asset is covered by any one of the different policy types in this page, the status of the tag status is updated as “Insured Tag”. An asset can be insured by multiple policies, the policy count of the asset is increased accordingly. The policy count indicates at any point of time the number of policies covering the asset.

You can carry out a search for the assets that have to be covered under insurance and include them under the policy. You can search based on the class to which the asset belongs, the location of the asset, the group to which the asset belongs, the asset number and its description. You can also carry out a search based on the finance book in which the asset postings have been made, the cost center to which the asset has been mapped to and the status of the asset tag.

This page also allows you to conduct multiple searches and keep track of all the search results in a temporary list. You can view the details of the assets in the list before creating the insurance policy.

The newly created policy can also be authorized in this page immediately after creation if a blanket payment has been made for the policy.

Prerequisites

“Finance Book” must have been defined in the “Create Finance Book” activity of the “Organization Setup” business component.
“Policy Types” must have been defined as quick codes in the “Create Quick Code” activity of the “Quick Code Defnition” business component.
“Asset” must have been defined in the “Create Simple Asset” or “Create Complex Asset” activity of the “Asset Capitalization” business component.
“Asset Class” must have been defined in the “Create Asset Class” activity of the “Asset Type Definition” business component.
“Asset Group” must have been defined in the “Create Asset Group” activity of the “Asset Type Definition” business component.
“Asset Location” must have been defined in the “Create Location” activity of the “Asset Location” business component.
“Cost Center” must have been defined in the “Create Cost Center / Unit” activity of the “Cost Setup” business component.

What you can do in this page

Set the method for retrieving assets

Set the status of the tags to be retrieved

Add assets to a temporary list

Retrieve assets from the temporary list

Calculate the premium total

Set the method for retrieving assets

You can select the method in which the asset details must be retrieved to be included in the policy.

Set the “Option” field to “Upload” if you want to retrieve the insurance details of the assets from an external source like an MS-Excel sheet or an external database.
Set the “Option” field to “Specific Search” if you want to retrieve the asset information from the “Asset Capitalization” business component that has been mapped to the login organization unit.

Set the status of the tags to be retrieved

You can retrieve assets that have been insured under a policy type or assets that have not yet been insured.

Set the “Tag Status” field to “Insured Tags” if you want to retrieve assets that have been insured under one policy type.
Set the “Tag Status” field to “Uninsured Tags” if you want to retrieve assets that have not yet been insured under any type of policy.

Add assets to a temporary list

You can add assets that have to be insured to a temporary list till the final “Create” is executed.

Check the box in the “Select” column of the multiline to mark the assets that has to be added to the list.
Click the “Add List” pushbutton to add the selected assets to the temporary list.

Retrieve assets from the temporary list

You can retrieve the assets that have been added to the temporary list while creating the insurance policy.

Click the “Show List” pushbutton to retrieve all the assets that have been added to the list.

The system retrieves all the assets that have been added to the list after multiple searches

Calculate the premium total

You can calculate the total premium amount that is due for the insurance policy.

Enter the individual amounts in the “Premium Amount” field.
Click the “Compute Total” pushbutton to calculate the total premium amount.

The system calculates and displays the total premium amount in the respective field.