CoverageValueAttributes
objectTotal Risk Amount
Example:500000
Minimum Benefit Amount
Example:10000
Maximum Benefit Amount
Example:20000
Exercise Date
Example:2023-06-01
Band
Example:Band A
Gross Death Benefit Amount
Example:45000
Low Death Benefit
Example:40000
Maximum Number of Face Changes Per Year
Example:4
Minimum Amount Decrease
Example:500
Maximum Amount Decrease
Example:2000
Maximum Age Decrease Amount
Example:70
Maximum Number of Coverage Decreases Per Year
Example:2
Minimum Amount Increase
Example:1000
Maximum Amount Increase
Example:3000
Maximum Age Increase Amount
Example:80
Maximum Number of Coverage Increases Per Year
Example:3
Net Death Benefit Amount
Example:42000
Death Benefit Remaining
Example:20000
CoverageValue
objectShow Child Parameters
CoveragesAttributes
objectCoverage ID
Example:COV123
Indicator Code
Example:IND123
Product Code
Example:PROD456
The Product Name refers to the specific life insurance or annuity product selected by the contract owner at the time of policy issuance. It identifies the type of coverage, policy structure, and key features associated with the contract
Example:Platinum Plan
Selection Indicator
Allowed values:YN
Example:Y
Current Amount
Example:20000
Prior Coverage Amount
Example:18000
Minimum Benefit Amount
Example:15000
Maximum Benefit Amount
Example:25000
Gross Death Benefit Amount
Example:5000
Low Death Benefit
Example:2000
Coverage Change Amount
Example:3000
Effective Date
Example:2022-01-01
Coverage Change Effective Date
Example:2021-12-01
Termination Date
Example:2022-12-31
Current Number of Units
Example:100
Value Per Unit
Example:50
Premium Modal Factor
Example:1.5
Exercise Date
Example:2023-03-15
Life Coverage Status
Example:Active
The Claim Status refers to the current stage of a life insurance claim, indicating whether the claim has been processed, approved, denied, or is still under review. This status helps policyholders, beneficiaries, and insurers track the progress of a claim from submission to payout
Example:Pending
Next Evaluation Date
Example:2023-12-01
Payment Mode
Example:Monthly
Maximum Benefit Percent
Example:80%
Maximum Pay Period
Example:365
The Guideline Single Premium (GSP) refers to the maximum single premium payment that can be made into a life insurance policy without violating the IRS`s Guideline Premium Test (GPT). It is used to ensure that the policy qualifies as life insurance and maintains its tax-advantaged status
Example:5000
Guideline Annual Premium
Example:2000
The 7-Pay Premium refers to the maximum allowable premium that can be paid into a life insurance policy during the first seven years without triggering Modified Endowment Contract (MEC) status. It ensures that the policy remains a tax-advantaged life insurance contract rather than an investment vehicle
Example:700
Coverage Reference ID
Example:REF456
Tier 1 Maximum Benefit Amount
Example:10000
Tier 1 Maximum Benefit Percent
Example:60%
Tier 2 Maximum Benefit Amount
Example:15000
Tier 2 Maximum Benefit Percent
Example:70%
ParticipantAttributes
objectParty ID is a unique identifier assigned to a party (individual or entity) involved in an insurance or annuity contract. This identifier helps ensure accurate data exchange and tracking across insurance transactions
Example:PARTY123
Issue Age
Example:30
Underwriting Class
Allowed values:PreferredStandard
Example:Preferred
Temporary Table Rating
Example:Table A