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Preparation Product registration Part 2a

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PART TWO PRODUCT REGISTRATION
Before registering a product, the creator will have to work in detail to make it clear to the Back Office which factors are relevant to his product.
We break this down into four parts :
The Basic Information (General Description)
The Interests (hull, liability, legal expenses, b.i.) that can be insured with the product (Premium components)
The information relating to insurers and how they are registered
The information relating to specific objects or persons, if and insofar as they are covered by one or more Premium Components and for which premium is due.

2) INTERESTS
A product may relate to several insured interests. For example, a motor insurance may involve a package offering separate cover for liability, hull, legal expenses, passenger damage.
To register an insurance product, the following data are relevant for each element of coverage:

Subject: PREMIUM COMPONENTS sometimes with explanation	Answer: possibly delete what is not relevant
To which cover does this Component relate? Example: legal assistance
How would you like to name this cover on invoices and in policy documents ? Example : *ARGO-Plus* (water sports)
About the calculation of the premium: Is it calculated on the basis of:	1) the sum insured 2) per item 3) per policy 4) on the basis of weight 5) in pro mille (1000) 6) as a percentage (100) 7) per metre 8) per m2 9) per m3 10) per tonne 11) per kilometre/mile 12 per day
Daily fee Does this part of the product refer to per diem compensation? As with disability / sick pay insurance	1) No 2) Yes.
Is there a minimum premium ? If so, the premium will be supplemented until the minimum amount is reached.	1) Yes 2) No
Indexing: Indexing the premium usually results from the indexation of the sum assured. But if there is none, is the premium eligible for indexation? After all, the cost of services provided in kind also increases. Think legal aid, funeral, glass.	1) Yes 2) No
Are certain types of customers eligible for a discount on this premium? If yes, please give examples
Remuneration for advisory services Name the amount of remuneration usually provided to advisers in relation to this cover.	1) is an amount 2) ...... % of gross premium
If net premium: Some products require more work than others. Higher or lower remuneration gives advisers the option to compete without backing out of the product provider If advisers are allowed to set the level of remuneration themselves : 30 % of gross = 43 % on net (30 + 70 = €100) 20% of gross = 25% on net (20 + 80 = €100) 15% of gross = 18% on net (15 + 85 = €100)	3) surcharge max. ....% on net premium
Specify factors relating to insurance tax:	In the Netherlands 21% or none
Co-assurance: If there are several insurers participating in the insurance package, it is necessary to determine which insurer(s) provide the cover for this part of the policy, as well as their share if less than 100%
Partial cancellation Is it conceivable that one of the insurers wishes to charge a different premium for its share of this premium component as of the next premium renewal date?	Yes, the other insurer will then receive a different premium No, not conceivable
Underwriting Fee Will the lead insurer be rewarded for its work? (Acceptance, policy formatting, signing, claims handling)	Yes, .... No
Excess: Is there an excess for this part of the insurance package Perhaps we could also index this.	Yes, .... No If related to a particular peril, please specify
Limit probability of loss: Is there a MPL = Maximum Possible Loss ? Is there an MFL = Maximum Possible Fire Loss ? Is there a PML = The loss expected at a given location in the event of a FIRE at that location. Is there a WPS = The maximum loss in case of a catastrophe (Air crash, earthquake, flooding, war risk)	MPL: MFL: PML: WPS:

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