PolicyDates
objectThe Policy Start Date refers to the official date on which the policy becomes effective and coverage begins. This date is critical for determining premium payments, coverage eligibility, policy anniversaries, and contractual obligations
Example:2023-01-01
The Application Date, also referred to as the Policy Sign Date, is the date when the policyholder completes and signs the insurance or annuity application. This marks the official request for coverage but does not necessarily mean the policy is active yet
Example:2023-01-01
The Application Received Date refers to the date when Zinnia (or the designated insurance company/administrator) officially receives the completed insurance or annuity application
Example:2023-01-01
The Policy Issue Date, also known as the Policy Launch Date, is the date when the insurance company officially issues the policy to the client. This occurs after the application is approved, the insured accepts the offer, and payment information is provided. It marks the formal activation of the policy and triggers policy delivery
Example:2023-01-01
The Application IGO Date (In Good Order Date) refers to the date when the submitted application is deemed complete and accurate by Zinnia or the insurer, meaning it is ready for underwriting and processing but does not yet include the initial premium payment
Example:2023-01-01
The Contestability Start Date refers to the beginning of the contestability period, which is the time frame in which an insurance company can investigate and deny a claim if material misrepresentations or fraud are found in the application
Example:2023-01-01
The Contestability End Date is the date when the contestability period expires, meaning the insurer can no longer deny a claim based on misrepresentation or omission in the application, unless fraud is proven
Example:2023-01-01
The Policy Delivery Date refers to the date when the policyholder is officially notified that their policy is available, either through an online portal, email, SMS, or physical mail. This date is critical because it marks the start of the free look period, allowing the policyholder to review the contract and cancel if needed
Example:2023-01-01
The Previous Policy Anniversary Date refers to the most recent past annual recurrence of the Policy Start Date. This date is used for tracking past premium payments, benefit updates, policy renewals, and cash value calculations
Example:2023-01-01
The Previous Policy Monthiversary Date refers to the most recent past monthly recurrence of the Policy Start Date. It is used for tracking monthly premium payments, cost of insurance (COI) deductions, cash value updates, and policy charges
Example:2023-01-01
The Next Policy Anniversary Date refers to the upcoming annual recurrence of the policy’s start date. It is based on the Policy Start Date and marks key policy milestones such as premium due dates, cash value updates, policy renewals, and benefit adjustments
Example:2023-01-01
The Policy Maturity Date refers to the date when a life insurance policy reaches its maturity or an annuity contract reaches its maximum annuitization age. It is based on the Policy Start Date and determines when benefits become payable or coverage ends
Example:2023-01-01
The Policy Termination Date is the date when a life insurance or annuity policy officially ends, meaning coverage ceases, and no further benefits or obligations exist under the contract. The reason for termination may vary, including policy lapse, surrender, maturity, or claim payout
Example:2023-01-01
The Initial Payment Amount Expiration Date refers to the deadline by which the initial premium payment must be made to keep the policy offer valid and ensure the policy goes into effect., if not received Policy will be Canceled due to no Premium Set at Issuance
Example:2023-01-01
The Next Policy Monthiversary Date refers to the same day of each month that corresponds to the Policy Start Date, marking the monthly recurrence of the policy. It is used for monthly premium payments, cost deductions, cash value calculations, and interest crediting
Example:2023-01-01
The Claim Approval Date is the date when an insurance company officially approves a claim for payment after verifying the claim details, policy coverage, and required documentation
Example:2023-01-01
The Certified Received Date refers to the date when the insurance company officially receives the certified death paperwork (such as a death certificate) required to process a life insurance claim. This date marks the beginning of the formal claims verification process
Example:2023-01-01
The Date of Death Reported / Notification refers to the date on which the insurance company is officially notified of the insured`s passing. This date is critical as it marks the start of the claims process and determines when the insurer begins reviewing the claim
Example:2023-01-01
The Deferral End Date refers to the contractually set date on a deferred annuity or inherited IRA by which the policyholder must take action—either by starting withdrawals, annuitizing, or surrendering the policy. If no action is taken, the contract may auto-surrender, forcing a lump-sum payout or triggering Required Minimum Distributions (RMDs)
Example:2023-01-01
The Conversion Date refers to the date on which an insurance or annuity contract is transferred or migrated from one platform, system, or policy type to another. This is commonly seen in policy administration system updates, carrier mergers, or policy conversions
Example:2023-01-01
Paid to Date refers to the specific date through which a policyholder’s premium payments have fully covered the cost of insurance coverage on a life or annuity policy. It represents the end of the current paid coverage period and is critical for determining the policy’s status (e.g., in-force, in grace period, or lapsed)
Example:2023-01-01
The date when all required premium payments on a life insurance policy have been made
Example:2023-01-01
CostBasis
objectThe Cost Basis refers to the total cumulative amount of after-tax premiums paid into a life insurance policy or annuity contract. It represents the non-taxable portion of withdrawals, policy loans, or surrenders, ensuring that policyholders are only taxed on gains above this amount
Example:198
The Cost Basis Date refers to the date on which the cost basis value of a life insurance policy or annuity contract is calculated. The cost basis represents the total amount of after-tax money contributed to the policy or annuity and is used to determine the taxable portion of withdrawals, loans, or payouts
Example:2023-01-01
The Pre-TEFRA Basis refers to the cost basis of a life insurance policy or annuity before the Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982 took effect. This distinction is important because TEFRA introduced new tax regulations on insurance products, including how withdrawals, policy loans, and annuities are taxed
Example:161.81698
Cost basis of a policy prior to Technical and Miscellaneous Revenue Act (TAMRA) of 1988.SB FIA - do not have 403 Qual Type, but if an exchange policy has it this will need to be housed and tracked going forward.
Example:161.81698
Cost basis of a policy after Technical and Miscellaneous Revenue Act (TAMRA) of 1988. SB FIA - do not have 403 Qual Type, but if an exchange policy has it this will need to be housed and tracked going forward.
Example:161.81698
The Cost Basis Change Amount refers to the difference between the old and new cost basis of a life insurance policy or annuity. It reflects adjustments due to premium payments, withdrawals, policy loans, 1035 exchanges, or other financial transactions that impact the total cost basis.
Example:161.81698
CommissionOption
stringAllowed values:OPTIONAOPTIONBNOCOMMISSIONSTANDARDTRAIL
AccountValues
objectThe Account Value refers to the total cash value of a life insurance policy or annuity at the beginning of each transaction, including both loaned and unloaned amounts. It represents the policy’s accumulated value before deductions, withdrawals, or new transactions
Example:161.81698
The Current Account Value refers to the total cash value of a life insurance policy or annuity (including loaned and unloaned amounts) as of the last processed transaction. This value is used to determine the available account value (AV) for policyholders and is also the amount on which Fixed Interest is credited
Example:161.81698
The Minimum Required Account Value refers to the lowest amount of account value that must be maintained in a life insurance policy or annuity to keep the contract active and prevent policy lapse. If the account value falls below this threshold, the policy may enter a grace period, require additional premium payments, or terminate. For some products this may be “0”
The Account Value by Policy Year refers to the total account value at the beginning of each policy year, before any new transactions such as premium payments, withdrawals, loans, or interest credits are applied. This value helps track policy growth, cash value accumulation, and available funds over time
The Unloaned Portion of Account Value refers to the part of the total account value that is not affected by policy loans. Once a policy loan is taken, the total account value is split into loaned and unloaned portions, with the unloaned portion continuing to accrue interest and potential investment returns
Example:161.81698
The Loaned Portion of Account Value refers to the amount of a policy’s account value that is used as collateral for a policy loan. This amount is set aside from the Ending Account Value and is used to calculate loan interest accruals. The loaned portion is updated each time a new loan is processed
The Account Surrender Value refers to the amount an insurance company pays to the policyholder when they voluntarily cancel (surrender) their life insurance policy or annuity before its maturity or death benefit payout. This value is determined after deducting surrender charges, outstanding loans, and applicable fees from the policy’s total account value
Example:161.81698
Sum of money an insurance company pays to the policyholder or account owner upon the surrender of a policy/account without MVA value included
Example:161.81698
The Guaranteed Cash Surrender Value (Fixed) refers to the minimum cash value that a policyholder is assured to receive if they surrender their life insurance policy, regardless of market conditions. This amount is contractually defined and does not fluctuate with policy performance
Example:161.81698
The indexed amount of cash that the policyholder is guaranteed to receive upon surrendering the policy before its maturity.Only required for Annuity FIA Products
Example:161.81698
The Net Amount at Risk (NAR) is the difference between the policy’s total death benefit and the policy’s account value (cash value). It represents the portion of the death benefit that the insurance company is at risk of paying out beyond the policyholder’s accumulated account value
Example:16.81698
The Deemed Account Value refers to an adjusted account value used for specific policy calculations, regulatory compliance, or benefit determinations. It may differ from the actual account value due to adjustments for policy loans, fees, surrender charges, or regulatory requirements
Example:16.81698
The Initial Premium Request Amount refers to the first premium payment made by the policyholder (party) to initiate coverage on a life insurance or annuity contract. This amount is required to activate the policy and begin accumulating benefits
Example:99
The Initial Premium Applied Amount refers to the portion of the initial premium payment that is officially applied to the policy after processing. This amount determines when the policy becomes active and how funds are allocated within the contract
Example:99
The Initial Premium Amount Received Date refers to the date when the insurance company’s home office officially receives the first premium payment for a life insurance policy or annuity contract. This date is crucial as it determines when the policy processing begins and may impact policy activation timelines
Example:2023-01-01
The Cumulative Premium Since Issue refers to the total amount of premiums paid into a life insurance policy or annuity contract from the policy’s start date (issue date) to the present. This figure represents all premium contributions made by the policyholder over time
Example:198
The Total (YTD) Premium Amount refers to the total premium applied to a life insurance policy or annuity contract within the current calendar or policy year, up to the present date. This value is used to track year-to-date contributions and ensure policy funding requirements are met
Example:198
MEC Authorization refers to the approval process required when a life insurance policy is classified as a Modified Endowment Contract (MEC). A MEC is a permanent life insurance policy that fails the IRS “7-Pay Test,” resulting in different tax treatment of policy loans and withdrawals. MEC Authorization is typically required from the policyholder before processing transactions that could convert the policy into a MEC, ensuring they understand the tax consequences.
Allowed values:truefalse
The Projected Lapse Indicator is a forecast that indicates whether a life insurance policy is expected to lapse within the next policy year based on its current account value, premium payments, cost of insurance (COI), and other policy charges
Allowed values:true
The Policy Gain Amount is the difference between the policy’s total account value and the cost basis. It represents the amount of gain that may be subject to taxation if withdrawn or surrendered
Uncollected Charges refer to negative charges assessed when a policy is in a lapse condition due to insufficient funds in the policy’s account value. These charges represent policy fees, cost of insurance (COI), and other deductions that could not be collected because the policy had inadequate cash value
The Annual Target Premium is the calculated premium amount used to determine commissions for agents and brokers. It represents the portion of the policy premium that qualifies for commission payments and is calculated based on specific monthly charges within the policy. The Annual Target Premium for the calculation of commissions will be calculated using the following formula: [(Monthly Expense Charge + Monthly Unit Charge + Monthly Coverage Charge + Children’s Term Insurance Rider Charge) ÷ (1 – Payment Charge)] × 12]
Example:99.9
The Modal Target Premium is the periodic premium amount used for commission calculations based on the chosen payment mode (e.g., monthly, quarterly, semi-annually, or annually). It is derived from the Annual Target Premium and represents how much of the target premium is allocated to each payment cycle. Modal Target Premium for the calculation of commissions will be calculated using the following formula: [(Monthly Expense Charge + Monthly Unit Charge + Monthly Coverage Charge + Children’s Term Insurance Rider Charge) ÷ (1 – Payment Charge)] × 12]
Example:99.9
Annualized Premium refers to the total amount of premium a policyholder is expected to pay over the course of a full year, assuming the policy remains active and all scheduled premium payments are made on time and in full. It is a standardized representation of premium income, regardless of payment mode (monthly, quarterly, semiannual, or annual)
Example:99.99
Unearned Premium is the portion of a policyholder’s premium that has been paid in advance but corresponds to future coverage—i.e., insurance protection that has not yet been provided. It represents a liability on the insurer’s books because it reflects coverage that still needs to be delivered
Example:99.99
Excess Premium refers to the amount of premium paid into a life insurance or annuity policy that exceeds the allowable or intended limits set by the contract, regulatory testing (e.g., MEC or Guideline Premium Tests), or policy design (e.g., target or planned premiums).
Example:99.99
Outstanding Lifetime Premium refers to the total amount of premium that remains unpaid over the lifetime of the policy, based on the expected premium schedule set at issue or during the most recent plan update. It represents the future premium obligation assuming the policyholder continues to pay until the end of the coverage period or maturity
Example:99.99
The Suppression Indicator is a flag or marker used in policy administration systems to prevent certain actions, notifications, or transactions from being processed or displayed. It is commonly applied to billing, statements, reports, or policy updates based on specific business rules
Allowed values:true
The Interest Earned refers to the amount of interest credited to a life insurance policy or annuity contract based on the accumulated account value. This interest may be guaranteed (fixed) or variable (market-based), depending on the policy type
Example:99.12
Running total of all Net Withdrawals since policy issuance
Total of all earnings withdrawn since policy issue
ERISA Indicator is a field that specifies whether a policy or contract is subject to the Employee Retirement Income Security Act of 1974 (ERISA) — a federal law that governs certain employer-sponsored retirement and benefit plans in the U.S.
Allowed values:true
LoanInterestMethod
stringAllowed values:ADVANCEARREARS