Rating Worksheet
View every calculation, formula, rating variable, underwriting adjustment, and premium component that contributes to the final commercial insurance premium.
One of the biggest frustrations in commercial insurance rating is understanding how a premium was calculated. Underwriters, product managers, auditors, and customer service teams often spend hours tracing formulas, reviewing spreadsheets, and manually reconstructing calculations.SelectRate automatically generates a comprehensive Rating Worksheet for every quote, giving users complete visibility into every variable, formula, bureau rule, carrier adjustment, underwriting decision, fee, tax, and premium calculation.Instead of asking,"How did we get this premium?", every calculation is documented in a clear, structured worksheet.
What Is a Rating Worksheet?
A Rating Worksheet is a detailed breakdown of every step used to calculate a commercial insurance premium.
The worksheet provides complete transparency into:
- Rating Variables
- Bureau Rates
- Carrier Pricing
- Rating Formulas
- Underwriting Adjustments
- Experience Modifiers
- Taxes
- Fees
- Final Premium
Every calculation is visible, repeatable, and fully auditable.
Rating Worksheet vs Rating Trace
A Rating Worksheet summarizes the premium calculation. A Rating Trace records every execution step performed by the Insurance Rating Engine. Learn more about Rating Trace, Premium Calculation Engine.
Why Rating Worksheets Matter
Commercial insurance pricing often involves hundreds of calculations.
Without a detailed worksheet organizations struggle to:
- Explain Premiums
- Validate Pricing
- Review Underwriting Decisions
- Troubleshoot Errors
- Train Employees
- Respond to Audits
- Support Customer Service
Rating Worksheets eliminate guesswork by documenting every calculation.
Built for Commercial Insurance
SelectRate Rating Worksheets support every commercial insurance product. Every product uses the same standardized worksheet structure.
Complete Premium Breakdown
Every worksheet displays a complete pricing summary.
Including:
- Base Premium
- Manual Premium
- Bureau Rates
- Loss Costs
- Carrier Multipliers
- Territory Factors
- Experience Modifiers
- IRPM
- Judgment Rates
- Taxes
- Fees
- Final Premium
Every adjustment is displayed in calculation order.
Formula Display
Every pricing formula is displayed exactly as executed.
View:
- Formula Name
- Inputs
- Variables
- Lookup Tables
- Intermediate Results
- Final Output
Users can understand exactly how each calculation was performed.
Bureau Rating Details
Display every bureau calculation.
Supports:
- ISO
- NCCI
- Carrier Derivative Rating
- Custom Commercial Insurance Products
Bureau calculations remain separated from carrier adjustments.
Carrier Pricing Carrier Rating Overrides
Display every carrier adjustment.
Review:
- Carrier Multipliers
- Pricing Overrides
- Product Adjustments
- Program Factors
- State Factors
- Territory Factors
Carrier pricing is clearly separated from bureau calculations.
Underwriting Adjustments
Every underwriting adjustment appears within the worksheet.
Display:
- Experience Modifier
- IRPM
- Schedule Rating
- Judgment Rates
- Consent to Rate
- Premium Credits
- Premium Debits
Users understand every underwriting decision affecting premium.
Quote Comparison
Compare multiple premium calculations side by side.
Compare:
- Product Versions
- Bureau Versions
- Carrier Pricing
- Formula Changes
- Underwriting Adjustments
- Premium Differences
Quote comparison simplifies underwriting reviews and product testing.
Export and Reporting
Rating Worksheets can be exported for operational use.
Export options include:
- Excel
- API Response
- Underwriting File
- Audit Package
Rating Worksheets can be exported, archived, shared with underwriters, or attached to policy files for operational review and audit support.
API Integration
Applications can retrieve Rating Worksheets through secure REST APIs.
Supports:
- Quote Systems
- Policy Administration Systems
- Agency Management Systems
- Broker Portals
- Customer Portals
- Mobile Applications
Every application receives identical calculation details.
Rating Variables
Review every variable used during premium calculation. Every variable includes its source and calculated value.
Examples include:
- Payroll
- Revenue
- Sales
- Square Footage
- Number of Employees
- Vehicles
- Class Codes
- Protection Class
- Territory
- Coverage Limits
Taxes and Fees
Every financial adjustment is documented. Each fee displays the calculation method and amount.
Display:
- State Taxes
- Carrier Fees
- Inspection Fees
- Policy Fees
- Assessments
- Terrorism Charges
- Installment Fees
Rating Trace Integration
Every worksheet links directly to the Rating Trace. This provides complete transparency into how every premium was produced.
Users can review:
- Formula Execution
- Rule Evaluation
- Variable Resolution
- Lookup Tables
- Calculation Sequence
Every Rating Worksheet links directly to the corresponding Rating Trace, allowing users to move from the premium summary to the complete execution history.
Effective Date Management
Rating Worksheets automatically reflect the correct product version. Historical worksheets remain available indefinitely.
Display:
- Product Version
- Bureau Version
- Formula Version
- Effective Date
- Renewal Version
Learn more about Effective Date Management
Automated Testing
Rating Worksheets support automated validation. Testing teams can quickly identify pricing differences.
Compare:
- Expected Premium
- Actual Premium
- Formula Results
- Product Versions
- Bureau Updates
Testing teams use Rating Worksheets to compare expected and actual premium calculations during automated testing and regression validation.
Frequently Asked Questions
Give Every Premium Complete Transparency
Stop manually reconstructing commercial insurance premiums. Generate detailed Rating Worksheets that explain every calculation, improve underwriting productivity, and simplify regulatory compliance with SelectRate.