Create a rate modifier

You can create a scheduled or unscheduled rate modifier on a product or on a product line. The minimum and maximum values for a rate modifier or rate factor must be percentages.

Before you begin

In Guidewire Studio, locate the typelist RateFactorType.ttx. You copy a code from this typelist when you create a rate factor.

Procedure

  1. In the navigation pane, select the product or the product line.
  2. Do one of the following:
    • For a product, click Add Modifier.
    • For a product line, in Elements:
      1. Click Modifiers.
      2. Click Add Element.
  3. In Element Details, type the label, short name, minimum value, and maximum value for the rate modifier.
  4. Check Justification to create a text box on the Modifiers screen in PolicyCenter.
    The underwriter can enter an explanation of why they applied the rate modifier in the text box.
  5. Optionally, in Properties:
    1. Set the availability. The default is Available. To add a rule, click Add Rule.
    2. To add a rule for the minimum or maximum values, click Add Rule.
      These values take precedence over minimum and maximum values defined in the product model.
    If you are creating an unscheduled rate modifier, the process is complete at this step, and you do not have to continue further. If you are creating a scheduled rate modifier, continue with the steps below.
  6. Check Schedule Rate.
    The Manage Rate Factors button appears.
  7. Click Manage Rate Factors.
  8. In Rate Factors:
    1. Click Add Rate Factor.
    2. In Element Details, type the label and short name.
      You can use a rate factor's label in APD App, for example to create an availability rule. However, the label is not used in PolicyCenter.
    3. Type the minimum and maximum values for the rate factor.
      The sum of the minimum or maximum values for the rate factors may exceed the minimum or maximum value for the rate modifier. The minimum or maximum value for the modifier is validated when the user creates a submission in PolicyCenter.
    4. In Rate Factor Type, copy and paste the code from the rate factor type typelist, RateFactorType.ttx. If you enter a code that is not in the typelist, for example the rate factor short name, it is added to the typelist.
      Within a modifier, a rate factor type can be associated with one and only one rate factor.
  9. Optionally, in Properties:
    1. Set the availability. The default is Available. To add a rule, click Add Rule.
    2. To add a rule for the minimum or maximum values, click Add Rule.
      These values take precedence over minimum and maximum values defined in the product model.
  10. Create additional rate factors as necessary.