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
LoanRepaymentType
stringAllowed values:INTERESTFIRSTPRINCIPALFIRST
LoanValues
objectThe Total Loan Balance refers to the outstanding loan amount on a life insurance policy, including the principal, accrued interest, and any unpaid loan charges. This balance reflects the total amount the policyholder owes the insurance company when a policy loan is taken against the cash value.
Example:1000
The Total Loan Principal refers to the original amount borrowed by the policyholder against the cash value of a life insurance policy, excluding any accrued interest or unpaid loan charges. It represents the base loan amount before interest accumulation
Example:100
The Loan Payoff Amount refers to the total amount required to fully repay a policy loan, including the outstanding loan balance, accrued loan interest, and any adjustments for unearned interest. This value is calculated daily and fluctuates based on the loan’s interest accrual
Example:100
The Maximum Loan Amount refers to the highest amount a policyholder can borrow against their life insurance policy’s cash value. This limit is determined by the policy’s cash value, outstanding loans, and insurer-specific rules
Example:161.81698
The Minimum Loan Amount refers to the smallest amount a policyholder can borrow against their life insurance policy’s cash value, as defined by the insurer. This limit ensures that administrative costs and processing fees are justified for each loan transaction
Example:100
The Total Loan Accrued Interest refers to the amount of interest that has accumulated on a policy loan so far within the current year. This interest is added to the outstanding loan balance if it is not paid separately by the policyholder
Example:100
The Last Loan Interest Due Date refers to the last policy anniversary date when loan interest was due on an outstanding policy loan. Since loan interest on life insurance policies is typically charged annually, this date always corresponds to the most recent policy anniversary date
Example:2023-01-01
The Total Number of Loans refers to the total count of policy loans taken by the policyholder throughout the life of the insurance policy. It tracks each separate loan transaction, regardless of whether previous loans were repaid or still outstanding
Example:10
Allowed values:ADVANCEARREARS
The Total YTD (Year-To-Date) Loan Taken refers to the total amount of policy loans taken by the policyholder within the current calendar or policy year. It tracks all loan transactions processed within the year, excluding prior years` loan activity
Example:1000
Allowed values:INTERESTFIRSTPRINCIPALFIRST
The Minimum Loan Repayment refers to the smallest amount a policyholder is required to repay on a policy loan, as specified by the insurance company. This ensures that the loan balance is managed and prevents excessive interest accrual, which could lead to policy lapse
Example:100