QuestionQ87

VerifiedOmniStudio Data Tools

An insurance company chooses to use calculation procedures and matrices to determine premium costs for new insurance policies. Prices change very frequently, which results in multiple versions of the rating or pricing tables.

What advantage of calculation procedures should the consultant emphasize in this scenario?

Explanation

Calculation procedures and matrices support effective-dated versions. If an effective date is not supplied, the calculation service uses the current time to select the appropriate calculation procedure and matrix versions, allowing pricing to change over time without replacing prior tables.

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