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            Proration Policy

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            Proration Policy

            A proration policy defines the rules used to calculate charges for partial billing periods and to handle rounding differences when amounts are distributed across multiple billing periods.

            Required Editions

            Available in: Lightning Experience
            Available in: Professional, Enterprise, and Unlimited Editions where Insurance Brokerage is enabled

            Remainder Strategy and Allow Proration Periods are the key settings that control this behaviour. Remainder Strategy determines how any leftover amount is handled when a policy premium or related charge can’t be evenly divided across billing periods. See Proration Policy for more information.

            Allow Partial Proration Periods controls how charges are calculated for partial billing periods. When this option is enabled, the system calculates charges based on the exact number of days in the partial period. When it’s disabled, the total amount is divided equally across all billing periods, regardless of the actual number of days in a partial period.

            Example
            Example : Consider a policy with an annual premium of $1,000 billed monthly. The prorated charge is $83.33 per month, leaving a remainder of $0.04. The remainder strategy specifies whether this remaining amount is applied to the first billing period or the last billing period.
             
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