How Premium is Calculated for AMS360?

AMS360 has several different fields related to policy premiums. How does Fuse choose a policy premium?

Quick Summary

To obtain the policy premium, Fuse will choose the first one of the following values that are not blank or zero, and prioritize in this order:

  1. Policy > Full Term Premium

  2. Sum of all Policy Premium Transaction > Full Term Premium entries from the current term*

  3. Sum of all Policy Premium Transaction >  Premium entries from the current term*

More Details:

  1. In AMS360, if the Full Term Premium field on the main policy screen contains a value greater than zero, Fuse uses this amount as the premium.

  2. If that field is blank or zero, then Fuse attempts to calculate the premium by adding up all values entered in the Full Term Premium field within AMS360's "Policy Premium Transactions" that are dated within the policy's current term.*

  3. If the result of that calculation is zero, then Fuse attempts to calculate the premium by adding up all values entered in the Premium field within AMS360's "Policy Premium Transactions" that are dated within the policy's current term.*

*Note: "current term" means all transactions dated from the policy's current effective date through 1 day before its current expiration date.