Premium

Calculation logic for premiums, taxes, and fees.

Core Concepts

Premium

Base cost of coverage (pre-tax/fee).

• Amount: Calculated risk cost (sum of quote units).
• Minimum: Floor value for the premium.

Effective value logic:

Minimum Premium

Baseline revenue floor.

1. Calculated: Sum of unit-level minimums.
2. Overridden: Manual underwriter override.

Deposit

Initial calculated premium (often the Annual Premium).

Transaction Model

Final financial records are stored as Transactions containing multiple lines (Premium, Fees, Taxes).

Total Premium

Sum of all PREMIUM lines. Derived from Pro-Rata Deposit. Adjusted for policy duration.

Payable

Final client invoice amount.

• Fees: e.g., Policy Fee.
• Taxes: Regional taxes (via CountryContext).

Calculation Flow