When the type of participation is a “Per Event” cover, and a Risk Warranty is activated, only claims which are linked to a Headline Loss and has a Risk Name are valid for the protection. Recoveries are not calculated unless the Headline Loss has at least the minimum number of different risk names. The calculation is per Headline Loss.
The purpose of this order is to calculate the difference between the booked estimated values and the accounted figures. The calculated difference is booked as accrual. If the accruals of the Assumed side is not transferred to the retrocession side by the Retrocession Estimation Calculation order the Multi GAAP Retrocession order must be run in order to get accruals calculated. The Multi GAAP Retrocession order will perform the following: It books the estimates in the Period Estimates tab on the Non-Proportional Retrocessionaire’s “as Booking”. ...
An agreement can be split into two or more section s. A section can be further split into sub section s, which again can be split into sub, sub section s, etc. An agreement/section can also be split into cessions and declarations (cession without insurable object). A cession can be split into declarations, but declarations cannot be split. Get Overview of Sections, Cessions and Declaration # Get Detailed Overview # When you click Structure tab on the business, you see the Section Overview window. ...
It is unlikely that you will need to access this section because your SICS System Administrator will handle it. If, however, you are given access to it, it is here that SICS can be customised to your specific needs. The System Administration section enables you to, among other things, set up restrictions and add new values. You may want to, for example, add options to those that SICS has provided in a particular drop-down list, or you may want to change a calculation method or add a category other than Calendar and Fiscal to a Year Rate category. ...
To see the information entered for each recorded claim, you must open the claim properties and navigate to the specific tabs. The Highlights tab of a claim gives you a brief summary of the information recorded on the other tabs, and depends on the Type of Business, the Claim Type, and the Class of Business. Some of the information, for example, the Loss Location is general for all the linked claim sections, whereas other information like the status and disposition is specific for each section. ...
Report Conditions to Consider # In order to get the correct information when creating reports with business information there are a few objects that usually have to be included as query filters: Level of Business (Code) to limit the report result on the level of business (IAB, OCC, ORP etc). Basic Status Current (Code) set to ‘DEF’ only brings back businesses with life cycle phase Definite. Is Latest Life Cycle Phase (Y/N) set to ‘Y’ brings back the latest life cycle phase within each insured period of a business. ...
There may be times when making changes to a condition is not enough. When, for example, a condition is registered in error, or there are special conditions on a section that you do not want, you can easily delete all registered information on a condition. You can also restore inheritance of special conditions that were overridden in error. | Delete Condition button | Once information has been entered on a condition, and that condition window is open, the Delete Condition button appears (not in an inherited condition of a section). ...
Open and View Online Statistics # Sometimes the accounting information of a business is best presented by statistics. SICS generates online statistics based on the information from the Business Ledger. The statistics are updated immediately when you close a worksheet. Not only accountants, but also underwriters and managers will find that viewing the statistics is the quickest and easiest way to get an overview of the economic situation of a business. ...
| Order Icon | Double-click the Order icon in the Accounting folder on the SICS desktop to see the Find: Accounting Order window. This is where you can search for, and create accounting orders. | The Find Accounting Order window is divided into two tabs: Properties, where you input general information for your search, and Advanced, where you can further narrow your search by specifying more advanced search requirements. ...
Once the messages have been imported to the SICS eMessaging database, the find message window is the place to start looking for messages of interest. In normal operation, you would look for messages not yet processed, so the default situation is to show messages with the following life-cycle statuses: Unprocessed Error Examined From the find message window you can select one or more messages for further action, chiefly to process them or to view them individually. ...