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            Renters Calculation Procedure

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            Renters Calculation Procedure

            This calculation procedure rates all the coverages for a quote generate using the Renters root product.

            This calculation procedure includes variables, constants, and calculation steps. Some of those calculation steps are matrix lookups that call specific calculation matrices.

            We expect that you'll create your own calculation procedure to rate coverages for your renters insurance products. You can use propHO4RatingProcedure_ho4 as a model, and make changes to it so you can see how calculation procedures work.

            The meat of the calculation procedure is its calculation steps. Here's what each step of the propHO4RatingProcedure_ho4 calculation procedure does:

            1. Does a matrix lookup to get the base rates by county the property is in.

            2. Does a matrix lookup to get information about the protection measures on the property.

            3. Does a matrix lookup to get information about the property's burglar alarm.

            4. Does a matrix lookup to get information about the property's fire alarm.

            5. Calculates the premium for the contents (Personal Property) coverage.

            6. Does a matrix lookup for liability.

            7. Calculates the premium for the Liability coverage.

            8. Does a matrix lookup for medical payments.

            9. Calculates the premium for the Medical Payments coverage.

            10. Calculates the premium for the Fine Arts coverage.

            11. Calculates the premium for the Bike coverage.

            12. Calculates the premium for the Camera coverage.

            13. Calculates the premium for the Musical Equipment coverage.

            14. Calculates the premium for the Jewelry coverage.

            15. Calculates the total premium for the Scheduled Items.

            16. Does a matrix lookup for loss of use.

            Calculation Matrices

            The following calculation matrices are called by propHO4RatingProcedure_ho4:

            Calculation Matrix Name

            Description

            propFLCountyBaseRates_ho4

            Handles the location of the property within the state of Florida.

            Takes a text input and returns text and numeric outputs.

            propProtectionClassFactors_ho3

            Handles information about how the home is built to withstand damage.

            Takes numeric and text inputs and returns percentage outputs.

            propBurglarAlarmFactors_ho3

            Handles whether and what type of burglar alarm a property has.

            Takes a text input and returns a percentage output.

            propFireAlarmFactors_ho3

            Handles whether and what type of fire alarms the property has.

            Takes a text input and returns a percentage output.

            propLiabilityAdditionalPremium_ho3

            Handles information that affects the liability coverage premium.

            Takes text and numeric inputs and returns a numeric output.

            propMedPayAdditionalPremium_ho3

            Handles the amount the customer specifies for the medical payment coverage.

            Takes a numeric input and returns a numeric output.

            propLossOfUseFactors_ho4

            Handles the amount of loss-of-use coverage the customer wants for the property.

            Takes a numeric input and returns a numeric output.
             
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