AccountValueAttributes
objectCash Value Amount
Example:1000
The 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:2000
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:1500
Minimum Account Value
Example:500
Cash Value By Year
Example:200
Unloaned Account Value
Example:300
Loaned Account Value
Example:100
Cash Surrender Value
Example:800
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:50
Deemed Cash Value Amount
Example:400
PolicyMetricsAttributes
objectInitial Payment Amount
Example:5000
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:4800
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:2021-01-01
Gross Premium Amount Since Issue
Example:7500
Total Cumulative Premium Amount
Example:20000
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:YESNO
Example:YES
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:YESNO
Example:YES
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
Example:3000
PolicyMetrics
objectShow Child Parameters
WithdrawalAttributes
objectThe Total Withdrawal Amount refers to the cumulative amount of funds withdrawn from a life insurance policy or annuity by the policyholder. This includes all withdrawals made since the policy’s inception, whether taken as partial surrenders, cash value withdrawals, or systematic distributions
Example:5000
The Free Withdrawal Amount refers to the maximum amount a policyholder can withdraw from their life insurance policy or annuity in a contract year without incurring a surrender charge. This limit is set by the insurer and is typically expressed as a percentage of the account value or premiums paid
Example:1000
The Minimum Withdrawal Amount refers to the smallest amount a policyholder can withdraw from their life insurance policy or annuity in a single transaction, as defined by the insurer. This ensures that withdrawals remain administratively efficient and align with policy rules
Example:200
The Maximum Withdrawal Amount refers to the highest amount a policyholder can withdraw from their life insurance policy or annuity in a single transaction or within a policy year, as set by the insurer. This ensures that withdrawals do not deplete the policy’s cash value too quickly or violate contract terms
Example:100
Example:10
Example:10
Example:10
Example:10
Example:10
The Withdrawal Allowed Start Date refers to the calculated date from which the policyholder is permitted to make withdrawals from the policy’s cash value or annuity funds. This date is determined based on policy terms, surrender charge periods, and regulatory restrictions
Example:10