Hi folks. I'm new to FormCalc, so I apologize if this is super simple or it's already been answered. My question is a basic insurance claim-type question, but I cannot figure out how to make this work. Thank you in advance to anyone who can help.
I have three user-input numeric fields titled "Coverage Amount", "Deductible" and "Amount Claimed". Hypothetically, let's say the Coverage Amount = $100,000 and the Deductible = $2,000. When a user inputs an amount for Amount Claimed, there are a three possible scenarios for a Claim Payout:
1) If the Amount Claimed (let's say $750.00) is less than the Deductible ($2,000), then the Claim Payout should calculate to be $0.00 since a claim cannot pay anything if it is less than the amount of the Deductible. ($750.00 - $2,000.00 = $0.00)
| Coverage Amount | Deductible | Amount Claimed | Claim Payout |
|---|---|---|---|
| $100,000.00 | $2,000.00 | $750.00 | $0.00 |
2) If the Amount Claimed (let's say $150,000.00) is greater than the sum of the Coverage Amount ($100,000) + the Deductible ($2,000) = $102,000, then the Claim Payout should calculate to be the limit of the maximum Coverage Amount = $100,000.00 since a claim can pay no more than the limit of the Coverage Amount. ($150,000.00 - $2,000.00 = $148,000.00 --> $100,000.00)
| Coverage Amount | Deductible | Amount Claimed | Claim Payout |
|---|---|---|---|
| $100,000.00 | $2,000.00 | $150,000.00 | $100,000.00 |
3) If the Amount Claimed (let's say $101,500.00) is greater than the Coverage Amount ($100,000) but less than the sum of the Coverage Amount ($100,000) + the Deductible ($2,000) = $102,000, then the Claim Payout should calculate to be the difference of the Amount Claimed ($101,500.00) - the Deductible ($2,000.00) = $99,500.00. ($101,500.00 - $2,000.00 = $99,500.00)
| Coverage Amount | Deductible | Amount Claimed | Claim Payout |
|---|---|---|---|
| $100,000.00 | $2,000.00 | $101,500.00 | $99,500.00 |