General Policies, Premium

You’ll find a “Premium Details” screen, as illustrated below, towards the end of each general insurance policy, which you can move to via the “PgDn” key on your keyboard, or the black “Curve-Right Arrow”

Colours

The original “Invoice” amount and the “Total invoice after MTAs” are both highlighted using the “Search field” colour specified in “Set-up, Colours”

IPT Rate %

Before entering the premium you should see a figure already entered in the “IPT rate %” drop-down field (e.g. 5.00). If it’s missing or incorrect refer to Set-up Tax & Euro

Commission %

Similarly you should see a figure already entered in the “Commission %” field. If not, you can choose to either…

· Manually enter the commission rate for this type of policy every time

…OR…

· Go to this product’s set-up screen and enter its commission rate, after which it’ll appear automatically (see Set-up Products)

The Premium

You can enter the premium in any of the following fields down the left side of the screen (referring to the example above)….

· Use the “Gross premium without IPT” if you know the premium before NCD and before IPT (e.g. £500)

· Use the “Gross premium with IPT” if you know the premium before NCD but after IPT has been added (e.g. £525)

· Use the “Premium after NCD without IPT” if you know the premium after NCD (e.g. 50%) has been deducted, but before IPT has been added (e.g. £250)

· Use the “Premium after NCD with IPT” if you know the premium after NCD (e.g. 50%) has been deducted, and after IPT has been added (e.g. £262.50)

Insurer NCD & Insurer NCD %

If you enter or change the insurer’s NCD % rate then the system will automatically calculate the NCD amount (and vice versa) along with the IPT amount and premium after NCD.

The IPT Amount

If you change the IPT amount the system will automatically recalculate the IPT % rate, and vice versa.

The Insurer Charge, Insurer VAT and Commission on Insurer Charge

If the insurer makes a charge then you should enter it in the appropriate field (e.g. £10 in the illustration below) along with any VAT, if applicable (e.g. £1.75). If the insurer gives commission on this charge (e.g. 20%) then that should be entered manually in the “Comm on insurer charge” field (e.g. £2.00) without any reference to the rate. The system will automatically calculate the “Nett, IPT and insurer” value to include the “Insurer VAT” figure along with the “Insurer charge” net of the “Comm on insurer charge” (e.g. £9.17).

Brokerage Charge, Discount and VAT

Use these fields for any charges imposed, or rebates given, by the brokerage. A charge can only be positive, and a discount will always be negative. If for example, the brokerage chooses to sell a policy net of commission then in reality it will still earn the commission from the insurer, but will offset this by a “Brokerage discount” of the same amount. If your brokerage is VAT rated then you should use the “>” button to the right of the “Brokerage VAT” field to calculate its value.

DD details

You may additionally choose to hold your client’s DD details, as shown below, via the “DD details” button at the bottom of the screen…

But note that in order to enter or view this highly sensitive information you would need your access right for “Policy DD details” set, as shown below…