| Issue 77: | Calculation errors in Premium | |
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Your Name: URL : Dev Quote Number:987657627 Page :yourQuote Issue 1:20% calculation error Displayed values: Premium : £283.97 Discount at 20% : 60.11 Calculated value: 20% of 283.97 : 56.794 Here we are giving more than 20% discount! issue 2 :Pay monthly calculation error Displayed value: £301.00 £25.08 per month Including 6.00% surcharge for direct debit, equivalent to typical APR 14.09% Calculations: Pay monthly total amount displayed : 301.00 per month amount displayed : 25.08 Total for 12 months = 25.08 *12 = 300.96. different from 301.00 Issue : error in calculating the EMI: Annual amount: £283.97 using PMT function in XL, for 283.97, at 14.09 %APR, for 12 installments, monthly payment is 25.5088 or 25.2128 (based on payment at end or begining of month), where as displayed value is 25.08 issue: Huge diff in discount for small diff in premium between two quotes Quote ref 1: 987657644 £283.50 Includes 20.00 % online discount of £58.39 Q ref 2: 987657627 £283.97 Includes 20.00 % online discount of £60.11 For few cents difference in premium, the discount difference is huge!!!
May 11, 2009
Project Member
#1
saji.koy...@gmail.com
Labels:
saji
May 13, 2009
Total Premium is sum of Building, Contents, Valuable and Red24 sub section as applicable based on the cover type + Tax of 5% default . Miniumum Premium check and Distributor Adjustment are also applied in the process. Refer Prod Spec for the order and other details. Direct Debit Charge is 6% for all(this change has been made recently). This when applied to the Total Premium and added gives the Annualized Premium. Annualized Premium when divided by 12 gives the MonthlyAmountByDD. APRPercentage doesnt get applied really. We can just double check with business but this is never mentioned anywhere in the rating sheets. The discounted amount = sum of premium of three covers x [100/(100-discount%) -1] We cannot directly apply it on the total premium because this also takes into account the RED24 and the tax. Also the rippling down also needs to be taken into consideration. With respect to the cents difference in monthly premium it is possible because we round of all these values to 2 digits.(in terms of monthly premium displayed * 12 may not be exactly same as Annualized Premium based on monthly mode)
May 13, 2009
We will have the online discount amount calculation and APR not directly being used have once again verified by APT. Thanks
May 14, 2009
(No comment was entered for this change.)
Labels:
-saji Anand
May 14, 2009
We will have this verified by APT once again and then make the neccessary changes. Thanks
Status:
WontFix
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