Rate plans represent the cost of the insurance policy for the client and are typically
described in terms of premium or fees. However, in some scenarios, they are described in terms
of fully insured equivalent premium.
Required Editions
Available in: Lightning Expereince
Available in: Professional,
Enterprise, and Unlimited Editions
where Financial Service Cloud and Insurance Brokerage are enabled
Rates can be categorized by tiers which is a further breakdown of the type of coverage that
is being purchased. For example, a tier can include only an employee, or an employee and their
spouse, or an employee, their spouse, and their kids. Each tier typically has a different rate
amount and enrollment counts associated with it, which are inputs to the overall premium, fee,
or fully insured equivalent calculation. For more information on how cost is calculated, see
Cost Calculation.
Rate Plan Types Rate plans typically fall into specific types that determine premium calculations.
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