RequiredMinimumDistribution

marketValueAdjustmentIndicatornumber

The MVA Indicator is a flag or marker that indicates whether a Market Value Adjustment (MVA) applies to an annuity or investment. This adjustment impacts the contract value when withdrawals or surrenders occur before the end of the contract’s term

Allowed values:true

marketValueAdjustmentAmountnumber(double)

The MVA Adjustment refers to the Market Value Adjustment applied to an annuity contract when a withdrawal or surrender occurs before the end of the contract period. It adjusts the contract value based on changes in interest rates since the contract was issued.

Example:12.42342

marketValueAdjustmentPeriodnumber(int32)

MVA Period (Market Value Adjustment Period) refers to the specific timeframe during which a Market Value Adjustment (MVA) may be applied to withdrawals, surrenders, or transfers from a fixed or indexed annuity contract. This period typically aligns with the guaranteed interest rate period and is designed to account for interest rate fluctuations that affect the insurer’s investment value

Example:1

marketValueAdjustmentBaseRatenumber(double)

Example:12.42342

Example

Allowed values:RULE2002BENEFICIARYDISTRIBUTIONQUALIFIEDBENEFICIARYDISTRIBUTIONNONQUALIFIED

totalRequiredMinimumDistributionAnnualAmountnumber(double)

The Total RMD (Required Minimum Distribution) Annual Amount refers to the minimum amount that a policyholder must withdraw from their annuity or retirement account each year to avoid IRS penalties. This applies to tax-deferred retirement accounts once the account owner reaches the Required Beginning Date (RBD).

Example:12.42342

remainingRequiredMinimumDistributionAmountnumber(double)

The Remaining RMD Amount refers to the amount of Required Minimum Distribution (RMD) that the policyholder still needs to withdraw before the end of the calendar year to avoid IRS penalties. It is calculated as the Total RMD Annual Amount minus any withdrawals already taken during the year

Example:12.42342

actuarialPresentValuenumber(double)

The Actuarial Present Value (APV) Amount refers to the present value of future expected benefits or cash flows from a life insurance policy, annuity, or pension plan, discounted to the end of the year. It is used in actuarial calculations to estimate the current value of future liabilities or benefits, considering mortality rates, interest rates, and time value of money.

Example:12.42342

priorYearEndAccountValuenumber(double)

The Prior Year-End Account Value refers to the total account value of a life insurance policy or annuity as of December 31 of the previous year. It represents the ending balance of the policy`s cash value or investment portion at the close of the prior year, before any transactions in the current year

Example:12.42342

requiredMinimumDistributionRecalculationDatestring(date)

The RMD Recalculation Date refers to the date when the Required Minimum Distribution (RMD) amount is automatically recalculated for qualified annuities and retirement contracts. This recalculation occurs annually, starting in the year after December 31 of the year the owner turns 69.5, and continues every year thereafter

Example:2023-01-01

requiredMinimumDistributionCalculationOptionstring

Allowed values:RULE2002BENEFICIARYDISTRIBUTIONQUALIFIEDBENEFICIARYDISTRIBUTIONNONQUALIFIED

Example

Allowed values:GPTCVAT

guidelinePremiumTestDatestring(date)

The Guideline Premium Test (GPT) Date refers to the last date on which the policy was tested to ensure compliance with the IRS`s Guideline Premium Test (GPT) for life insurance policies. This test ensures that the policy maintains its tax-advantaged status as a life insurance contract and does not become a Modified Endowment Contract (MEC).

Example:2023-01-01

definitionOfLifeInsurancestring

Allowed values:GPTCVAT

guidelineSinglePremiumnumber(double)

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:65068.27

guidelineLevelPremiumnumber(double)

The Guideline Level Premium (GLP) is the maximum level (annual or periodic) premium that can be paid into a life insurance policy while maintaining compliance with the IRS`s Guideline Premium Test (GPT). It ensures that the policy remains classified as life insurance and retains its tax-advantaged status

Example:4695.39

guidelinePremiumLimitnumber(double)

The Guideline Premium Limit represents the remaining cumulative amount of premium that can be paid into a life insurance policy over its lifetime without violating the IRS’s Guideline Premium Test (GPT). It helps ensure the policy maintains its tax-advantaged status as life insurance under Section 7702 of the Internal Revenue Code

Example:4695.39

amountExcessToGuidelinenumber(double)

The Amount Excess to Guideline refers to the excess premium amount paid into a life insurance policy beyond the IRS-imposed limits under the Guideline Premium Test (GPT). This excess must be reimbursed or adjusted to ensure the policy maintains its tax-advantaged status and does not become a Modified Endowment Contract (MEC)

totalGuidelineLevelPremiumSinceIssuenumber(double)

The Total Guideline Level Premium (GLP) Since Issue refers to the cumulative sum of all guideline level premiums allowed from the policy’s issuance through the current policy anniversary date. It ensures that the policy remains compliant with the IRS Guideline Premium Test (GPT) and maintains its life insurance tax-advantaged status

Example:4695.39

Example

MarketValueAdjustment

RequiredMinimumDistributionCalculationOption

DefinitionOfLifeInsurance

GuidelinePremium