An insurance policy fee is a separate charge that an insurance company may impose in addition to the premium for an insurance policy. Seamless only support policy fee as a flat amount and is intended to cover various administrative costs associated with issuing and managing the insurance policy. The policy fee is distinct from the premium, which is the primary cost of insurance coverage. Insurance policy fees can vary among insurance companies and may be applied for different reasons, such as processing the policy, issuing documents, and managing policy-related paperwork.
Seamless Policy fees characteristics:
Policy fees is configurable at Product Level, and the client would need to provide the amount of Policy Fee when setting up the product.
There can be multiple policy fees per Product
It is charged per policy.
The policy fee is not refundable or proratable when the policy is endorsed or terminated.
The policy is only refunded when the policy is withdrawn or cancelled.
Scenarios:
GIVEN the policy fee is 100
WHEN the user creates a quote
THEN the table Premium would show as below:
...