How to apply rates on a Plan Option only after receiving the update from a third party system for Op
We have this requirement for Life Insurance where the Employee can choose 1x,2x,3x,4x of their annual salary and rates will be multiples of coverage. If they choose 2x or above,the data goes to a third party system and it returns back whether the employee is eligible or not. Please note that the response could take weeks or even months.
If thats the case,then the Employee coverage should be downgraded to 1x and rate should be charged based on that.
One way to implement it is to have options like
1x top up, 2x top up, 3x top up and then use post election fast formula to select the 1x salary to implement it.