RiderCoverageLayer
objectThe Coverage ID is a unique identifier assigned to a specific coverage type or benefit within an insurance policy. It helps insurance companies, agents, and policyholders track and differentiate multiple coverage components within a single policy.
Example:Base_Coverage
The type of rider denoting if benefit is applicable to base coverage or a distinct coverage or addition to base coverage or a benefit without any coverage
Allowed values:BASERIDERBASEINCREASEINTEGRATEDRIDERRIDERINCREASEBENEFITDISCOUNTOTHERUNKNOWN
The Coverage Name in a life insurance policy refers to the specific title or label assigned to a coverage type within the policy contract. It helps insurers, agents, and policyholders identify, classify, and manage different coverage components in a policy.
Example:Base_Coverage
The Plan Code is a carrier-assigned alphanumeric identifier used to uniquely distinguish a specific insurance or annuity product, rate structure, version, and coverage layer within an insurer’s portfolio. It is essential for policy administration, pricing, underwriting, and claims processing.
Example:SBFIXUL1
Coverage Term refers to the number of years that a life insurance policy or specific coverage component is intended to remain in force, providing protection to the insured. It defines the planned duration of insurance coverage, after which the coverage may expire, renew, or convert, depending on the product type.
Example:1
The Approved Coverage Amount refers to the specific amount of insurance coverage that has been approved by the insurer during the underwriting process. It represents the face amount (death benefit) the insurer has agreed to issue based on the applicant’s risk profile, health, and other underwriting criteria.
Example:10000
The Current Coverage Amount refers to the active or present death benefit or coverage value available under the policy at a specific point in time. It reflects any adjustments, policy changes, withdrawals, or loans that may have altered the original coverage amount.
Example:300000
The Original Coverage Amount refers to the initial face value or death benefit of a policy at the time of issuance before any policy modifications, withdrawals, loans, or benefit reductions. It represents the starting coverage amount agreed upon when the policy was first issued.
Example:300000
The Minimum Coverage Amount at Each Coverage Level refers to the lowest permissible amount of insurance coverage allowed per policy layer, as set by the insurance carrier. It ensures policies remain financially viable and comply with regulatory and underwriting standards.
Example:10000
The Maximum Coverage Amount at Each Coverage Level refers to the highest permissible amount of insurance coverage allowed per policy layer, as set by the insurance carrier.
Example:10000000
The Gross Death Benefit per Coverage Layer refers to the total pre-deduction death benefit amount assigned to each specific coverage layer within a policy. It represents the sum of all base coverage amounts, riders, and enhancements before applying policy adjustments such as loans, withdrawals, or unpaid premiums.
Example:300000
Low Death Benefit refers to the lowest possible death benefit guaranteed within each specific coverage component of a policy. This ensures that beneficiaries receive at least a minimum death benefit regardless of market performance, policy changes, or withdrawals.
Example:300000
The Coverage Change Amount refers to the specific increase or decrease in coverage that occurs within a life insurance policy due to policyholder requests, automatic adjustments, or insurer-initiated changes. This amount reflects the difference between the original or prior coverage amount and the new coverage amount after the change takes effect.
Example:3000000
The Coverage Effective Date refers to the date when an increase in coverage or a new coverage component officially takes effect in a life insurance policy. It marks the beginning of the insured’s eligibility for the new or increased benefits.
Example:2023-01-01
The Coverage Change Effective Date (for a decrease in coverage) refers to the date when the reduced coverage amount officially takes effect in a life insurance policy. It marks the point from which the new lower coverage amount applies.
Example:2023-01-01
The Coverage Termination Date refers to the date when a policy’s coverage officially ends, meaning the insured is no longer protected under the contract. After this date, no benefits or claims can be paid unless reinstatement is an option.
Example:2023-01-01
The Unit of Coverage refers to the measurement standard used to define the amount of coverage provided under a life insurance policy. It helps insurers calculate premiums, determine benefit payouts, and structure policies consistently.In life insurance, the unit of coverage is typically measured per $1,000 of face amount.
Example:300
The Value per Unit of Coverage refers to the monetary worth of each unit of coverage in a life insurance policy, which is used for premium calculations, benefit payouts, and policy adjustments. This value helps insurers standardize pricing and policy structures.In life insurance, the value per unit represents the cost per $1,000 of coverage or payout per unit of death benefit.In annuities, it determines the payout per annuity unit or per $1,000 of account value.
Example:1000
The Guideline Single Premium (GSP) is the maximum single premium payment that can be made into a life insurance policy without causing it to lose its tax-advantaged status as life insurance under IRS guidelines. It is determined based on IRS regulations and ensures that the policy remains compliant with Section 7702 of the Internal Revenue Code.
Example:65068.27
The Guideline Level Premium (GLP) is the maximum total premium that can be paid over time into a life insurance policy without violating IRS regulations under Section 7702. It ensures that a policy retains its tax-advantaged status as life insurance and does not become classified as a Modified Endowment Contract (MEC).
Example:4695.39
The 7-Pay Premium refers to the maximum cumulative premium that can be paid into a life insurance policy during the first seven years without causing the policy to become a Modified Endowment Contract (MEC). It is part of the 7-Pay Test, which ensures that life insurance policies do not become overfunded and lose their tax advantages.
Example:19807.51
Modal Premium refers to the actual premium amount a policyholder pays based on the selected billing frequency (mode)—such as monthly, quarterly, semiannual, or annual. It represents the current periodic payment due for the base coverage and any attached riders under a life or annuity insurance policy.
Example:1000
Coverage Target Premium refers to the designated premium amount on a life insurance policy that:Qualifies for full target-level commissions in the first policy year, and Forms the basis for renewal commissions in subsequent policy years.Note - This is modal premium value
Example:300000
The annual premium is the total amount you would pay for a full year of life insurance or annuity if you made just one payment per year.
Example:1000
Base
objectTracked againist Account Value and will be updated on every Anniversary Incremented by gross premiums and credit enhancements. Set to Investment Value if rider is issed post contract issue. Adjusted for withdrawals. Reset on Anniversaries
Example:14.32
Tracked againist Account Value and will be updated on every Anniversary Incremented by gross premiums and credit enhancements. Set to Investment Value if rider is issed post contract issue. Adjusted for withdrawals. Reset on Anniversaries.
Example:19.35
Incremented by gross premiums and credit enhancements. Set to Investment Value if rider is issed post contract issue. Adjusted for withdrawals. Reset on Anniversaries by crediting interest based on the interest rate in the Growth Factor Calculation equation box.
Example:15.65
The Deferral Bonus is configured a percent of a Deferred Bonus Base. It is set to the value on Feature Change, Premium, Annual Processing, GMWB Interest Adjustment transactions
Example:12.65
Captures the basis for calculating the Deferral Bonus.Base used to calculate the annual Deferral Bonus. Parameters defined in the Deferral tab (GMWB). Incremented by gross premiums. If GMDB feature added post issue, then set to Investment Value. Adjusted for withdrawals. Reset on Contract Anniversaries equal to the Deferral Bonus Base Reset equation box. Stored in the Transaction Log table.
Example:13.12
Incremented by gross premiums. Initialized to the Investment Value if GMDB added post issue. Adjusted for excess withdrawals. Set to Investment Value on Spousal Continuation.
Example:14.21
Rider
objectTBD
Example:2023-01-01T12:00:00.000Z
Allowed values:BASERIDERBASEINCREASEINTEGRATEDRIDERRIDERINCREASEBENEFITDISCOUNTOTHERUNKNOWN
The specific name of the rider as designated by the insurance company. For example - Terminal Illness Accelerated Death Benefit
Example:Chronic Illness Accelerated Death Benefit Rider
Indicates the election status of the rider on the policy, specifying whether the policyholder has formally elected to include the rider
Example:ELECTED
A unique identifier or alphanumeric code assigned to the rider
Example:SBLCHR
Allowed values:APPROVEDDECLINED
This will be set to yes if there is no Child rider insured to support Unborn Child
Allowed values:true
Indicates whether the rider provides a qualified benefit under IRS or insurance regulations
Allowed values:true
Date on which Rider is selected and becomes effective on the policy
Example:2023-01-01
The date the policyholder elects to use or activate the rider benefit
Example:2023-01-01
The date on which the rider coverage ends/ is terminated
Example:2023-01-01
Allowed values:ACTIVETERMINATEDPENDINGSUSPENDED
An unique identifier assigned to the rider coverage within an insurance coverage or policy layer
Example:Rider_SBLCHR
The total benefit amount the rider provides (separate from the base policy’s coverage.)
The maximum benefit amount of the benefit base, policyholder can withdraw each year
The Total Benefit Amount represents the maximum guaranteed amount available under the annuity rider over the life of the contract/rider
The fixed percentage applied to the Rider Benefit Amount to calculate the annual guaranteed benefit amount
Example:100
Refers to a guaranteed payout to a beneficiary upon the death of the annuitant, regardless of the contract investment performance, as long as the annuity is in the accumulation phase. Used for Variable annuities
The Growth Income Benefit value represents the guaranteed income base established under a Guaranteed Minimum Income Benefit (GMIB) rider. It is used to calculate the lifetime income payments the annuitant is entitled to upon annuitization, regardless of the contract actual account value.
Amount that can be withdrawn without reducing the yearly or Lifetime rider benefit amount
Note - Use riderParticipants field instead of riderParticipant
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The highest percentage of the death benefit or face amount that can be taken for chronic illness coverage
Example:2.5
The maximum duration over which payments can be made under the rider ( in Months)
The current status of a claim filed under the rider
Allowed values:true
The date of the next scheduled review or re-evaluation of an ongoing claim (applicable for riders like chronic illness).
Example:2023-01-01
The date the benefit payout under the rider is to be disbursed to the policyholder or beneficiary
Example:2023-01-01
The amount paid under the rider benefit.(during a given payout cycle)
Deprecated - kept for backwards compatibility
The highest percentage of the policy’s face amount that can be accessed under the critical illness rider
The percentage of the benefit payable under Tier 1 of the critical illness structure (e.g., for mild conditions).
The maximum dollar amount payable under Tier 1 benefits
The percentage of the benefit payable under Tier 2(usually for more severe conditions.)
The maximum dollar amount payable under Tier 2 benefits.
The date on which the Tier 1 critical illness rider benefit payment is scheduled or was made
Example:2023-01-01
The amount of benefit paid under the Tier 1 critical illness
The date on which the Tier 2 critical illness rider benefit payment is scheduled or was made
Example:2023-01-01
The amount of benefit paid under the Tier 2 critical illness
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The remaining benefit amount for the rider. Incremented by Premiums and adjusted by withdrawals.
Example:10.51
Indicates whether the ADL benefit is utilised on the contract.
Allowed values:true
The total guaranteed value the contract owner is entitled to at the end of the GMAB holding period — assuming no disqualifying withdrawals or events.
Example:5.17
Single or Joint Payout (not driven by Owners on the policy, even a jointly owned policy can have single as an option. Used in configuration to set different GMWB benefits for Single and Joint GMWB Amount Types
Allowed values:SINGLEJOINT
Ties to Withdrawal Reset Benefit % Annual Limit on Calender Processing if GMWB Anniversary Base reset is elected. Equals result of GMWB Benefit % equation box in Withdrawal tab (GMWB) Ku - Payout Factor Percentage of the benefit base that will be available for withdrawal each year
Example:1.23
GMWB Annual Limit, The total amount that can be withdrawn as a benefit of this rider in any given policy year, regardless of whether or not there is sufficient account value. It is also the annual limit on amounts that can be withdrawn without adversely affecting future annual and lifetime benefits from the rider.this amount will be impacted during Reset or Withdrawals or Premium events
Example:3.43
GMWB Annual Limit, The total amount that can be withdrawn as a benefit of this rider in any given policy year, regardless of whether or not there is sufficient account value. It is also the annual limit on amounts that can be withdrawn without adversely affecting future annual and lifetime benefits from the rider.this amount will be impacted during Reset or Withdrawals or Premium events
Example:5.45
The GMWB amount still available for withdrawal in the current Contract Year without creating an “Excess Withdrawal” situation.
Example:6.75
During the riders accumulation phase (before it is exercised), a hypothetical annual withdrawal limit is calculated and displayed on statements to inform the policyholder and assist in their decision to exercise the rider
Example:8.95
Indicator for whether the phase is Accumulation (not activated, benefit base is still accruing) or Income (annual limit calculated, benefit bases stop growing). Default value = Accumulation
Allowed values:ACCUMULATIONINCOME
User initiates the Reset, Variables product
Example:2023-01-01
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PolicyChargeType
stringAllowed values:COSTOFINSURANCEEXPENSECHARGEUNITEXPENSECHARGEPAYMENTCHARGECOVERAGECHARGECOVERAGECREDITPREMIUMTAXSURRENDERCHARGEMARKETVALUEADJUSTMENTRIDERCHARGE
PolicyCharges
objectAllowed values:COSTOFINSURANCEEXPENSECHARGEUNITEXPENSECHARGEPAYMENTCHARGECOVERAGECHARGECOVERAGECREDITPREMIUMTAXSURRENDERCHARGEMARKETVALUEADJUSTMENTRIDERCHARGE
The Coverage ID is a unique identifier assigned to a specific coverage component within a life insurance or annuity policy, used to track the specific coverage for which charges are being applied. It ensures that the correct charges (e.g., cost of insurance, rider fees, administrative fees) are linked to the appropriate coverage layer.This is optional field which will be populated by LPS
Example:Base_Coverage
The Current Month Charge refers to the total amount deducted from a life insurance or annuity policy for the current billing period, covering various costs such as insurance charges, administrative fees, rider costs, and investment-related expenses
Example:123.12
The Uncollected Per Charge refers to the portion of a scheduled charge that has not been paid or deducted from the policy due to insufficient funds, unpaid premiums, or cash value shortfall. This can apply to Cost of Insurance (COI), rider fees, administrative charges, or investment-related expenses
Example:10.42
The Cumulative Per Charge refers to the total sum of a specific charge type from the policy`s issue date until the current processing date. It provides a historical record of charges deducted over the life of the policy… Calculated by LPS.
Example:721.42