Funeral Risk Policies

The process of adding Risk Policies starts at the Parent level. Once the policy is loaded it will need to be linked to a Client/ Participating Employer.

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This example illustrates the process of loading a Risk Policy at the initial stage i.e., at a Parent level.

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This guide details the most common scenarios. Should a scenario you require not be covered, please contact your System Administrator for guidance.

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=== (% style="color:#2980b9" %)**Create the Parent Policy**(%%) ===

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Select the relevant Parent:

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[[image:Loading of Funeral Risk Policies_html_d8abfbd9e4963796.png||height="189" width="400"]]

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Go to the Client menu and select “**Risk Policies**”:

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[[image:Loading of Funeral Risk Policies_html_23cbd2e697691866.png||height="324" width="184"]]

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If Risk Policies have previously been set up, a list of these will appear.

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[[image:Loading of Funeral Risk Policies_html_f459a84c3188df4.png||height="auto" width="auto"]]

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To load a new Risk Policy, click on the row to create a new entry. Complete the relevant information. Take special note of the following:

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(% style="color:#2980b9" %)**Effective Date:** (%%)Enter the policy number of the scheme.

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(% style="color:#2980b9" %)**Policy No:**(%%) Enter the policy number of the scheme

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(% style="color:#2980b9" %)**Insurer No:** (%%)Enter the Insurer number of the scheme

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(% style="color:#2980b9" %)**Risk Type:**(%%)** **Select the Risk Type from the drop-down option.

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(% style="color:#2980b9" %)**Description:**(%%)** **Enter the Risk Description in the text field under the heading “Description”. For ease of reference, enter the “Client Name” first and then the description of the Policy

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(% style="color:#2980b9" %)**Bank Ref:**(%%)** **This is the reference number that will appear on the Insurers bank statement

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[[image:Loading of Funeral Risk Policies_html_58666766dee03261.png||height="auto" width="auto"]]

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Press the “**Update**” button to save the entry and then press the save icon. [[image:Loading of Funeral Risk Policies_html_a6c090836202dcb0.png||height="26" width="28"]]

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Click on the (% style="color:#2980b9" %)__edit__ (%%)hyperlink next to the selected Risk Policy to load the Policy details.

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[[image:Loading of Funeral Risk Policies_html_6fb6cfef2d51e5b7.png||height="auto" width="auto"]]

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=== (% style="color:#2980b9" %)**General Info Tab**(%%) ===

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Complete all pertinent information. Take special note of the following:

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(% style="color:#2980b9" %)**Approved Scheme:** (%%)Is this an Approved Scheme? If “**Yes**”, activate the relevant tick box under the “**General**” Component of the screen.

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(% style="color:#2980b9" %)**Exclusive Expense:**(%%) Is the risk premium an inclusive or exclusive expense? In other words, is this expense included in the contribution paid or added over and above the contributions payable to the Fund? To trigger an exclusive expense i.e. paid over and above the contributions, activate the relevant tick box under the “**Miscellaneous**” Component of the screen.

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If the tick box has not been activated the expense will be deemed to be an inclusive expense i.e. forms part of the contributions payable to the Fund.

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(% style="color:#2980b9" %)**Paid by ER?:** (%%)Who is responsible for the payment of the premiums? If the premiums are to be paid by the Employer, activate the relevant tick box under the “Miscellaneous” Component of the screen.

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If the tick box has not been activated the expense will be deemed to be paid by the Employee / Member.

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(% style="color:#2980b9" %)**Bank Account:**(%%) Ensure that a Bank Account is selected from the drop-down option. Should no bank account be entered here, the system will assume that a Risk Reserve Account should be utilised for premium allocation.

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Should the required Bank Account not appear on the drop-down list, contact your System Administrator who is able to add to this list.

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(% style="color:#2980b9" %)**Age Calculations:**(%%)** **Select the Age Calculation method from the drop-down option located on the bottom right hand section of the screen. This calculation method is only used for risk premium calculations, if applicable.

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[[image:Loading of Funeral Risk Policies_html_7a5ad9a83d586e3e.png||height="353" width="636"]]

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=== (% style="color:#2980b9" %)**Risk Premiums Tab**(%%) ===

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Select the “**Risk** **Premiums**” Tab located on the top of the screen to reflect all Premium information recorded. To add premium information, click on the row to create a new entry.

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[[image:Loading of Funeral Risk Policies_html_13cdb097cf7c7746.png||height="auto" width="auto"]]

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(% style="color:#2980b9" %)**NOTE**

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Various methods of loading premiums exist, the two most common are:

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* One standard rate for all members

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* Age-Related Premiums - If an age-band is used for premium calculation purposes, each tier of the age-band must be completed on a new line.

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Complete the relevant premium information.

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[[image:Loading of Funeral Risk Policies_html_e563a0472bac3245.png||height="auto" width="auto"]]

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Numerous methods of calculating premiums exist. In this example a **Fixed Amount**, has been selected.

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In addition to the Percentage of Payroll method, a **Rate Factor** per Mille or a **Percentage of Salary** could be entered for premium calculation purposes. Alternatively, a combination of these could be utilised.

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[[image:Loading of Funeral Risk Policies_html_b2a3e7538b3f2f35.png||height="auto" width="auto"]]

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Take special note of the following:

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(% style="color:#2980b9" %)**Max Salary :**(%%)** **This is the maximum salary, based on Annual Risk Salary, which is applied for premium calculation purposes.

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This field should only be used if premiums are subjected to maximum limits. If no restrictions to premiums apply, this field should be ignored.

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(% style="color:#2980b9" %)**Reins Commission (Insured Schemes only) :**(%%)This field, expressed as a percentage of risk premiums should only** **be utilised if commission is payable to the Scheme, from the Insurer.

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(% style="color:#2980b9" %)**Rate Factor :**(%%)This is generally not used for Funeral premiums.

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=== (% style="color:#2980b9" %)**Funeral Tab**(%%) ===

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Select the “Funeral” Tab located on the top of the screen to reflect all risk benefits recorded. To load the benefit structure, click to add a row to create a new entry.

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[[image:Loading of Funeral Risk Policies_html_c31f2854296b0348.png||height="auto" width="auto"]]

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[[image:Loading of Funeral Risk Policies_html_429373b93c372d2b.png||height="auto" width="auto"]]

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Complete all pertinent information. Take special note that the benefits loaded on this screen do not calculate an actual benefit. It is usually for information purposes only. Should you need Everest to calculate a benefit, please speak to your System Administrator for more info.

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=== (% style="color:#2980b9" %)**Free Cover Limit (FCL) Tab**(%%) ===

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Always load a Free Cover Limit equal to the highest payable tier of the Funeral Scale.

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Select the “**FCL**” Tab located on the top of the screen to reflect all Free Cover Limit information recorded.

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[[image:Loading of Funeral Risk Policies_html_7449cde78573524c.png||height="auto" width="auto"]]

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To load a Free Cover Limit, click to add a row to create a new entry. Enter the Effective Date and the Free Cover Limit amount expressed as a total benefit amount.

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Press the “**Update**” button. And then press the save icon at the bottom of the screen.

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[[image:Loading of Funeral Risk Policies_html_8bbfa88a85276cfe.png||height="auto" width="auto"]]

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Information must not be overridden. Rather, a new line item should be created so as to maintain a history of all prior Free Cover Limit information loaded.

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=== (% style="color:#2980b9" %)**Linked Policies Tab (Insured Schemes Only)**(%%) ===

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This screen is not necessary for funeral benefits.

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== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==

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(% style="color:#2980b9" %)**DISCLAIMER**

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Please note, whilst care is taken to illustrate numerous scenarios, it is impossible to detail all instances and therefore this document should merely serve as a guide for the purposes of demonstrating system functionality and conducting employee training.

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In accordance with the above paragraph, this training manual is published and distributed on the basis that EBSphere (Pty) Ltd is not responsible/accountable for any actions taken by users of information contained in this training manual nor for any error in or omission from this manual.

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EBSphere (Pty) Ltd does not accept any responsibility whatsoever for a misrepresentation performed by any person in respect of claims, losses or damage or any other matter, either direct or consequential arising out of or in relation to the use and reliance, whether wholly or partially, upon any information contained or products referred to in this manual.

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Further, the contents of this training manual are subject to change without any notice and further highlight the need for this training manual to serve only as a guide.

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(% style="color:#2980b9" %)**COPYRIGHT**

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This documentation and the software described in it is the exclusive property of EBSphere (Pty) Ltd. This manual or the software may not be copied in whole or part, without the express written consent of EBSphere (Pty) Ltd. Under the law, copying includes translating into another language or format.

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EBSphere (Pty) Limited

P.O. Box 785803

Sandton