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Insurance
Create an Insurance Surcharge

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Create an Insurance Surcharge

Create a surcharge record to define a tax or fee that you can apply to insurance products. Specify the surcharge type, calculation method, refundability, and proration settings.

Required Editions

User Permissions Needed
To create surcharges: Manage Revenue Cloud
  1. From the App Launcher, find and select Surcharges.
  2. Select New.
  3. For Surcharge Type, select Tax or Fee.

    Tax refers to regulatory charges, such as state or municipal taxes. Fee refers to operational or administrative charges, such as registration or service fees.

  4. Enter a name for the surcharge.
  5. For Calculation Type, select the method for calculating the surcharge amount.
    Amount A flat dollar value. Enter the value in the Amount field.
    Percentage A rate applied to the base premium. Enter the rate in the Rate field.
    Expression Set Complex logic defined in a pricing procedure. In the Procedure field, select an expression set that has the Default Pricing usage type.

    Specify only the fields that match your calculation type. If you fill in fields that don't match the selected type, you see an error message.

  6. Enter Effective Start Date and Effective End Date to define when the surcharge is active.

    The start date can't be after the end date.

  7. Configure refundability and proration settings.
    • Select Is Refundable to refund the surcharge amount when a policy is canceled or the premium is reduced.
    • Select Is Proration Allowed to prorate the surcharge amount based on the effective and expiration dates.
  8. Save the surcharge.

After you create the surcharge, assign it to one or more products. See Assign and Configure a Surcharge for a Product.

 
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