CoverageBenefit
objectCoverage ID is a unique system-generated identifier assigned to a specific coverage component within an insurance or annuity policy. It is used to track and differentiate each distinct benefit, rider, or coverage layer under a single contract, especially when performing or recording transactions
Net Benefit Amount refers to the actual amount payable to a beneficiary or policyholder after all applicable deductions have been applied to the gross or base benefit amount. It represents the final disbursed value for a given coverage benefit, such as a claim payout, death benefit, or living benefit
Gross Benefit Amount refers to the total contractual benefit payable under a specific coverage or rider before any deductions are applied. It represents the original, full value of the benefit promised by the insurance policy (e.g., death benefit, living benefit, or rider payout).
TransactionFundAllocation
objectAllowed values:PRORATADOLLARSPECIFYPERCENTAGESPECIFIEDFUNDSSPECIFIEDSEGMENTSDEFAULTPECKINGORDEREARNINGSONLY
FundDistributionSegment
objectA unique identifier assigned to a particular segment for a specific fund account within the investment structure
Example:segment1
The current value of the particular segment for a specific fund account within the investment structure. The current amount of the segment, considering any earnings, withdrawals, or adjustments due to transaction
Example:1000
The specific amount or percentage requested for withdrawal, transfer, or reallocation from the particular segment selected for a fund.This amount will be utilized when allocation option is selected as specified segments
Example:100
FundDistribution
objectA unique identifier assigned to a specific fund account within the investment structure
Example:FundAccount1
The official business name of the specific fund account within the investment structure
Example:Fund1
The total value of the specific fund account within the investment structure.The total fund value of the a specific fund, considering any earnings, withdrawals, or adjustments due to transaction
Example:100
The specific amount or percentage requested for withdrawal, transfer, or reallocation from the selected fund.This amount will be utilized when allocation option is selected as specified funds
Example:100
Show Child Parameters
SegmentActivity
objectA unique identifier assigned to a particular segment for a specific fund account within the investment structure
Example:segment1
For funds: The rate at which an activity (e.g., interest, withdrawal, allocation) is applied. For match: The percentage rate at which the match or bonus contribution current value grows. For loans: The interest rate applied to the loan balance to calculate accrued interest
Example:100
For funds: The specific amount or percentage applied for withdrawal, transfer, or reallocation from the particular segment selected for a fund. For match: This is transaction level amount which tracks changes to match current value. This gets calculated on events such as interest credit match, premium, match bonus vesting. For loans: This is transaction level amount which tracks changes to loan balance . This gets calculated on events such as interest loan,loan repayment, loan true up,new loan,etc.
Example:100
Applied Interest refers to the amount of loan interest that has been posted (charged) to the policy’s outstanding loan balance during a specific accounting period. This interest is based on the terms of the policy loan, such as the loan type (fixed or variable), rate, and method of interest
Example:100