This tab is where you make all kinds of claim transactions: Reserve, Payment, Recovery, Recovery Received.
You need to have permission to Create Claim Transactions to make transactions.
You need to add the initial reserve transaction first before adding payment/recovery/recovery received transactions later.
See more:
Once a transaction is added, you cannot modify or delete that transaction. If you want to adjust the transaction amount, please create a compensating transaction.
Transaction List
There are two views of transactions:
Consolidated View: transaction amount are grouped by Cover - Claim Type - Cause Type - Claim Element.
Each row is the Total of all transactions that have the same combination of Cover - Claim Type - Cause Type - Claim Element.
The Total row shows the sum of amount in the corresponding columns.
Detailed View: displays transactions that have been made. Each row is one transaction.
Filter transactions
On one row in Consolidated View, when you click View Details, it will filter out the list of transactions in Detailed View. It will only show the list of transactions that have the same Cover - Claim Type - Cause Type - Claim Element.
On Detailed View, if you click on List All, it will release the current filter and display all of transactions.
View transaction details
On Detailed View list, click on one transaction Reference to open the transaction details.
It will show the transaction details in a popup. For ex:
Calculations
Total Reserve = Total of all reserve transaction amount, including type “Indemnity” & “Expense”
Total Payment = Total of all payment transaction amount, including type “Indemnity” & “Expense”
Total Reserve (Indemnity) = Total of all reserve transaction amount with type “Indemnity”
Total Reserve (Expense) = Total of all reserve transaction amount with type “Expense”
Total Payment (Indemnity) = Total of all payment transaction amount with type “Indemnity” regardless of option Adjust Reserve
Total Payment (Expense) = Total of all payment transaction amount with type “Expense” regardless of option Adjust Reserve
Outstanding Reserve (Indemnity) = Total reserves (Indemnity) - Total payments (Indemnity, option Adjust reserve = true, including all payment statuses)
Outstanding Reserve (Expense) = Total reserves (Expense) - Total payments (Expense, option Adjust reserve = true, including all payment statuses)
Outstanding Recovery = Total Recovery transactions - Total Recovery Received with Adjust Recovery option is true. The calculation will including all Recovery types: Salvage or Subrogation.
Total Recovery Estimated = Total Recovery transaction amount. The calculation will including all Recovery types: Salvage or Subrogation.
Total Recovery Received = Total Recovery Received transaction amount regardless of Adjust Recovery option. The calculation will including all Recovery types: Salvage or Subrogation.