This functionality is used to assign litigation average reserve to coverages that are flagged as "In Suit."
Note: The amount of the average reserve is determined on a per Diamond customer basis.
There are two (2) system settings for litigation average reserves:
Claim Info / Claimant and Feature Folders: "Initials Reserves to Reopen." When set to "True" (Enable), litigation average reserve assignments are added to the following when reopening a claim. When a claim is reopened, initial reserves are added for all features on the claim. For a claimant, the initial reserves are added for all features under that claimant. If the user reopens a single feature, the initial reserves are added for that feature.
Claims Feature / Notes: "Litigation Average Reserves." If set to "True" (Enable), litigation average reserves are added when the In Suit check box is selected on a claim feature, and a note is added on the feature that these have been assigned to the feature.
To add a litigation average reserve to a claim feature:
Submit the claim.
Add a claimant.
When adding a feature, click the "In Suit" field on the Claim Feature. This places a check mark in the field and also in the Attorney Represented field.
At the bottom of the screen, the Claim Feature Totals automatically increases the Initial Reserve / Anticipated Loss column by the dollar amount of the litigation average reserve. (Note: If you de-select the In Suit field, the Initial Reserve / Anticipated Loss is reduced by the same amount.)
Once all selections have been made, click Save.
Diamond prompts the user: "In Suit litigation average reserves have been assigned to this feature." Click Ok.
Select Save to retain the entries.
If you have already closed a feature and need to apply litigation average reserve to it:
First reopen the feature.
Diamond prompts the user: "In Suit litigation average reserves have been assigned to this feature." Click OK.