ICP
Updated
Why it appears as an exclusion
Rate charts print gross rates excluding VAT and ICP, because both are fixed additions the insurer does not want restated in every cell of a grid. The consequence is that the number a broker reads off the chart is never the number the client pays, on any line, on any chart that carries that heading.
The size of the error
On a scheme of forty members, treating the chart figure as final under-quotes by the levy on forty members plus five per cent VAT on the whole lot. It is not a rounding difference; it is a systematic under-quote that survives every check except comparing the total against a real policy schedule.
Reading the heading
The heading above each grid is the only place the exclusions are stated, and it is easy to lose when a chart is photographed, cropped or pasted into a spreadsheet. A rate chart separated from its heading is a grid of numbers whose meaning has been thrown away.
Where this comes up
Related terms
In Rabt
Every one of these is a field in Rabt
Co-pay, network, age band, waiting period — Rabt holds them as data on the plan, so a quote states them the same way every time and a comparison can line them up.