premium function group can be applied on AFD structures
Premium calculation occurs in many processes throughout the entire life cycle of a policy. From the first comparison/quote to a new policy, through change of policy (other car, new house, etc.) to renewal. Many, if not all of these events require the calculation of the premium of the underlying policy.
As with the
underwriting function, the
calculatePremium function is typically a standalone service provided by the provider of a financial product. In general the calculation results are not kept in a system of record because they are easily repeatable. Therefore this section only contains the
and there are no functions to modify or retrieve a calculation result.