Creating and Editing Premium Rate Definitions

Overview of Premium Rate Definitions

Premium rate definitions are a way to establish multiple premium rates on a single bond configuration depending on different variables. These variables can be, but are not limited to, credit score, bond term duration, user defined questions, and penalty amount. In Tinubu Surety Solution for Carriers (TSC) there can be up to three separate variables that define which premium rate a bond should be rated by. Depending on the values for these variables, a premium rate will be determined. Please refer to Premium Rate Definition Details for more information.

Select the Edit link for the Premium Rate Definition.
Make changes for the name and description for the premium rate definition.
Click the Submit button to save changes.
Click the Back to List to return to the previous screen or cancel changes.
When a Premium Rate is changed and it will remain static for the Life Cycle of a Current Bond Term.
When a bond is purchased, the premium rate set at the beginning of a bond’s term will not update with any changes made to the premium rate table during additional actions.
The premium rate will update at the time of renewal to include any changes made to the rate designation on the configuration.
- This will not take effect if the base premium is permanently overridden, carrying the overridden amount into the next renewal

Select the Inactivate link for the Premium Rate Definition to disable the definition.
You will be prompted to confirm or cancel your action.

Select the Recover Inactive Records at the bottom left of the screen.
Select the Reactivate link for the Premium Rate Definition to reactivate the definition.