Pro Rata / Short Rate Calculations

Pro Rata and Short Rate can be calculated from the Desktop Navigation screen or while completing the information on the Underwriting screen for the policy quote and when reviewing the quote results on the Premium Summary and Carrier Detail screens for the policy quote.

1. Access Pro Rata / Short Rate Calculator via the menu or options bar.

To access the Pro Rata / Short Rate Calculator from the Underwriting, Premium Summary, or the Carrier Detail screen do the following:

• Click Tools > Pro-Rata / Short Rate on the menubar.

To access the Pro Rata / Short Rate Calculator from Desktop Navigation, do one of the following:

• Click the Short Rate button on the options bar

• Click Utilities > Pro Rata / Short Rate on the menubar

2. On the Pro Rata Calculator screen, select Property or Auto for the Lines of Business.
3. Select the Province.
4. Select the current Carrier.
5. Select Cancellation or Endorsement for the Type of Calculation.
   
   Note: If Cancellation is the calculation type selected, the Short Rate Cancellation Fee section displays. The Short Rate Cancellation Fee is determined by subtracting the Short Rate Earned Premium from the Pro Rata Earned Premium. The Short Rate Cancellation Fee section does not show if the Rate by Coverage option is selected in AutoRater.
6. Enter the Inception Date for the policy, and the Transaction Date for the endorsement or cancellation.
   
   Note: The number that displays for Days in effect (Cancellation) or Days Remaining in Term (Endorsement) is based on the information you provide in the Inception and Transaction date fields.
7. Select 6 or 12 months for the Policy Term.
8. Enter the full Premium of the policy.
9. Click the Calculate button; the calculations display.
   
   Click the Print button to print the ProRata and/or Short Rate Report, if desired.
10. Click Close to close the screen.