|
Updates
|
Previous Top Next |
| · | Added sort by Days Active to Specific Claim Aging report.
|
| · | Underwriting: Internal changes to allow more flexible configuration of rating manual. The only noticable changes should be on the Manual Calculation and Experience Calculation reports where the description of the rating manual used will be slightly different.
|
| · | Underwriting: If you leave the Due Date blank when you set up a quote and the default due date generated by the system falls on a weekend, it will be set to the preceding Friday instead.
|
| · | Specific Claims: Changes were made to more accurately track outstanding potential claim liability, especially when there is an aggregating specific involved.
|
|
|
| The system will now automatically account for any un-used aggregating specific deductible by creating and maintaining a reserve adjustment on the 50% notice screen. You will see a notice record for each group that has an aggregating specific with AggSpecAdj in the LastName field and the system will automatically keep the reserve estimate for this notice updated to reduce any outstanding claim liability for the group by the amount of the remaining aggregating specific deductible. When you set reserves on a claim or notice, you should always set it to the amount in excess of the specific deductible that you think remains to be paid for that person WITHOUT taking into account any aggregating specific.
|
|
|
| For each claim, the remaining liability is calculated as:
|
| RemainingClaimLiability = Maximum( Reserve, Unprocessed ) + Maximum( (Pending - RemainingSpecificDeductible), 0 )
|
|
|
| Then for the group, the remaining liability is calculated as:
|
| RemainingGroupLiability = Sum( RemainingClaimLiability for each claim ) + Sum( EstimatedClaim for each notice )
|
|
|
| If there is any remaining Aggregating Specific Deductible for the group then the RemainingGroupLiability gets adusted by:
|
| AdjustedRemainingGroupLiability = Minimum( (RemainingGroupLiability - RemainingAggSpecDeductible), 0 )
|
|
|
| In conjunction with this change, several of the specific claims reports were changed to better reflect these numbers:
|
|
|
| · | Paid+Projected Claims Excess of Amount Report - The Projected column now shows the RemainingClaimLiability
|
| · | Reserve Listing (Specific) - The old version is still there for comparison, but there is also a new version that has columns for Total Paid, Currently Released, and Remaining Liability. These three columns added together would give the total projected cost of the claim. Also, a column was added to show a * if the group has an aggregating specific. Finally, the notice record that the system generates to adjust the remaining liability for a group will show on the report and will be included in the totals for the report.
|
| · | Specific Claim Listing - Since the Reserve Listing now correctly reflects all of the adjustments necessary to get an accurate outstanding liability, the Specific Claim Listing was changed to reflect the raw, first dollar number for the claim. Therefore, the Pending, Unprocessed, and Reserve numbers on this report are the actual data from the claim without any system generated adjustments or calculations.
|