Which of the following is NOT a part of a rating engine?

The correct answer identifies "Claims Procedures" as not being part of a rating engine. A rating engine is specifically designed to determine the premiums for insurance products through calculations based on various inputs like rate tables, rate routines, and parameter sets.

Rate tables store the various rates applicable to different segments of policyholders based on risk factors. Rate routines are the rules and calculations applied to the data from the rate tables and other inputs to arrive at a final premium. Parameter sets function as a way to manage and configure various parameters that affect the rating calculations, ensuring that the engine can adapt to different scenarios without requiring full system changes.

In contrast, claims procedures pertain to how claims are processed once a policy is in force, including the assessment of claims, payment processes, and loss adjustments. This area is separate from the rating engine, which primarily focuses on pre-policy issuance aspects, specifically the pricing and underwriting of the insurance products. Therefore, claims procedures do not fit into the operational framework of a rating engine.