Determine premium

Trigger: A new policy application, renewal request, or product design is submitted for pricing evaluation.

1. Gather applicant demographic and risk data
2. Apply actuarial models and morbidity tables to assess base risk
3. Adjust for specific benefit designs, deductibles, and out-of-pocket maximums
4. Incorporate administrative costs, taxes, and target profit margins
5. Validate calculated rates against state and federal rating regulations
6. Finalize and output the premium rate for the quote

Outcome: A finalized premium rate is calculated, validated against regulatory requirements, and attached to the policy quote or product offering.