PolicyFeature
objectAllowed values:FREELOOKLAPSEASSESSMENTLAPSEPROTECTIONREINSTATEMENTRATELOCKANNUITIZATIONNONFORFEITUREOPTIONCONVERSIONDISCOUNTBILLINGCUSTOMFEATURE
A Feature Indicator in life insurance and annuities refers to a binary flag (Yes/No, True/False, or Enabled/Disabled) that signifies whether a specific policy feature, rider, or benefit is included in the contract. It helps insurers, agents, and policyholders quickly identify which optional or standard benefits apply to a policy
Allowed values:true
A Feature Option in life insurance and annuities refers to the specific choices or variations available within a policy feature, allowing customization based on the policyholder’s needs
Allowed values:LIFEONLYJOINTLIFEONLYJOINTANDSURVIVORPERIODCERTAINAMOUNTCERTAINLIFEWITHPERIODCERTAINLIFEWITHCASHREFUNDLIFEWITHINSTALLMENTREFUNDAUTOMATICPOLICYLOANREDUCEDPAIDUPAGEFACEAMOUNTLEGALOPERATIONALCOLLATERALLYASSIGNEDUNSPECIFIED
Reduced Paid-Up Face Amount is the new, lower death benefit that results when a policyholder elects the Reduced Paid-Up (RPU) insurance option on a permanent life insurance policy. Under this option, the policyholder uses the accumulated cash value of their policy to purchase a fully paid-up policy—meaning no further premiums are required—but with a reduced face amount compared to the original coverage
Example:46.49
Start date of the feature
Example:2023-01-01
End date of the feature
Example:2023-01-01
A Feature Status in life insurance and annuities indicates the current state or activation condition of a specific feature within a policy or contract. It reflects whether a feature is active, inactive, pending, or restricted, helping insurers, agents, and policyholders track policy functionality
Allowed values:true
The Period of Feature in life insurance and annuities refers to the duration for which a specific feature or benefit is available, active, or applicable within a policy or contract. It defines the time frame in which a feature can be used, exercised, or remains valid
Example:30
Effective date of the feature
Example:2023-01-01
The Total Minimum Required Amount refers to the lowest financial threshold needed to activate, maintain, or utilize a specific insurance or annuity feature. This can include minimum premiums, account balances, contributions, or fees necessary to keep the policy or benefit in force
Min (This is if Carrier Acceot Min) - This is the Amount needed to reactivate the Policy (If there is an Outstanding Loan on the Policy Min Required Loan Balance will be part of this Amount)
The Payment Amount for a Feature refers to the specific cost required to activate, maintain, or utilize a particular policy feature or rider in a life insurance or annuity contract. This amount can be a one-time payment, recurring charge, or deducted from policy values depending on the feature type
Example:46.49
The Fixed Exclusion Amount in the annuitization feature of an annuity refers to the portion of each annuity payment that is considered a return of the original investment (principal) and is therefore excluded from taxable income. This amount helps annuitants determine their tax liability on annuity payments
Example:46.49
The YTD Payment Amount for a Feature refers to the total amount paid or received for a specific policy feature from the beginning of the calendar year to the current date. This amount is commonly tracked for premiums, rider fees, annuity payouts, withdrawals, and other benefit-related transactions
Example:46.49
The Exclusion Ratio in annuitization refers to the portion of each annuity payment that is considered a return of the original investment (principal) and is therefore excluded from taxable income. It determines how much of an annuity payment is taxable and how much is tax-free.
Example:46.49
The Total Payment Amount of a Feature refers to the cumulative cost or sum of all payments made over time for a specific feature in a life insurance or annuity contract. This can include premiums, rider fees, annuity payouts, or benefit-related charges
Example:46.49
Joint Lives % to Survivor refers to the percentage of annuity payments that continue to the surviving annuitant after one of the joint annuitants passes away. It applies to Joint & Survivor Annuities, ensuring ongoing income for the surviving spouse or beneficiary.
Example:100
The Reinstatement Underwriting Decision refers to the evaluation process and approval or denial of a reinstatement request for a lapsed life insurance policy or annuity contract. When a policy lapses due to non-payment, the insurer requires underwriting to determine if the policy can be reinstated based on financial, medical, and risk factors
Allowed values:true
The Approval Date for a Feature refers to the official date on which an insurance company authorizes and activates a specific feature, rider, or benefit within a life insurance policy or annuity contract. This date marks when the feature becomes effective and available for use by the policyholder or annuitant
Example:2023-01-01
Unique identifier of feature sub-type for "custom feature
Example:123
Allowed values:DAILYEVERYTWOWEEKSMONTHLYSEMIANNUALQUARTERLYANNUALSINGLEPAYMENT
Allowed values:DTCCCREDITCARDACHCHECKWIREEXCHANGE
Gives the sub type of the feature type "Custom Feature
Allowed values:MULTIPLEPOLICYDISCOUNTCONTROLBUSINESSINDICATORRESTRICT
TBD
Example:2023-01-01T12:00:00.000Z
InvestmentType
stringAllowed values:INVESTMENTFUNDINVESTMENTMODEL
FundAccountType
stringAllowed values:FIXEDINDEXEDVARIABLEINTERIM
FundAllocation
objectA unique identifier for a specific fund account available for selection for Fund Allocation
Example:ELF001
The official business name of the specific fund account within the investment structure
Example:Everly Fixed IUL Fund
Allowed values:FIXEDINDEXEDVARIABLEINTERIM
The percentage of total fund allocation assigned to a particular fund account
Example:100
The date when the fund allocation /investment selection/fund becomes active
Example:2023-01-01
The date when the fund allocation /investment selection/fund is no longer valid
Example:2023-01-01
FundSegment
objectA unique identifier assigned to a particular investment segment or bucket
Example:3
A unique identifier assigned to a specific fund account within the investment structure
Example:FundAccount1
The initial amount deposited to the fund segment
Example:5.22
The date on which the original deposit was deposited into the fund segment.(date the segment created)
Example:2023-01-01
The date on which the additional deposit was deposited into the fund segment
Example:2023-01-01
The additional amount deposited to the fund segment
Example:5.22
The value of the specific fund account segment, including all contributions, interest, and market changes
Example:161.81698
The date on which the segment may be renewed or reinvested
Example:2023-01-01
The number of units allocated in the fund segment (applicable to variable investments).
Example:50
The designated account where the segment funds will be transferred upon sweep,maturity
Example:ELI002
This amount is used for Index interest calculation when Index crediting method is “averaging”
Example:161.81698
The interest rate used to calculate interest amount for segment as of the last transaction
Example:161.81698
The initial market/index price or unit value when the segment was created
Example:1234.21321
Date of Starting Price to be used for Index
Example:2023-01-01
The market/index price or unit value when the segment was matures/ends
Example:2000.81698
The date on which the ending price was determined
Example:2023-01-01
The date when the segment gets created
Example:2023-01-01
The date when the segment matures/ends
Example:2023-01-01
Deprecated - kept for backward compatibility. Max Price = Max (IQ1, IQ2, IQ3, IQ4, …. IQN). where IQ1 denotes the index value at the 1st Quarterversary of the contract, IQ2 denotes the index value at the 2nd Quarterversary of the contract and so on and IQN denotes the index value at the end of the guarantee period (N=4*Guarantee period of the fund)
Example:1234.21321
Deprecated - kept for backward compatibility. The corresponding date of the determined Quarterversary
Example:2023-01-01