Issue 77: Calculation errors in Premium
Status:  WontFix
Owner:
Closed:  May 2009
Project Member Reported by saji.koy...@gmail.com, May 11, 2009
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
(No comment was entered for this change.)
Labels: saji
May 13, 2009
Project Member #2 ui.devt...@gmail.com
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
Project Member #3 ui.devt...@gmail.com
We will have the online discount amount calculation and APR not directly being used 
have once again verified by APT. Thanks
May 14, 2009
Project Member #4 ui.devt...@gmail.com
(No comment was entered for this change.)
Labels: -saji Anand
May 14, 2009
Project Member #5 ui.devt...@gmail.com
We will have this verified by APT once again and then make the neccessary changes.
Thanks
Status: WontFix