DeathBenefit
objectAllowed values:LEVELINCREASING
The Death Benefit Option Effective Date refers to the date when the selected death benefit option (Level, Increasing, or Return of Premium) officially takes effect in the policy. This date determines when the death benefit structure is set for payout upon the insured`s death
Example:2023-01-01
The Change in Death Benefit Option (DBO) Effective Date refers to the date when a requested change in the death benefit option is processed and officially takes effect in the policy. This allows tracking of modifications between Level (Option A), Increasing (Option B), or Return of Premium (Option C) death benefit structures
Example:2023-01-01
Deemed Death Benefit refers to the minimum amount that must be considered the “death benefit” under an insurance contract as per IRS Section 7702(e)(1)(B). This is used for tax qualification purposes to ensure that a life insurance policy meets the statutory definition of life insurance (DLI) and retains its tax-advantaged status
Example:12203.12
The Death Benefit Age Guarantee refers to the age until which the policy guarantees a death benefit, provided certain conditions such as premium payments and policy requirements are met. This guarantee ensures that the death benefit remains in force up to a specified age, regardless of market performance or policy cash value fluctuations
Example:63
The Disputed Debt Amount refers to the total sum of all disbursement transactions processed on a life insurance policy between the insured`s Date of Death and the Date of Death Reported to the insurer. This amount may need to be reviewed and reconciled, as policy actions taken during this period may no longer be valid
Example:65068.27355
The Death Benefit Interest refers to the interest accrued on the life insurance death benefit amount from the insured’s Date of Death until the payment is made to the beneficiary. This interest is typically required by state regulations and compensates for the delay between the insured’s death and the claim settlement
Example:150.12241
Partial index credit received as part of death benefit
Example:150.12241
Allowed values:APPROVEDNOTAPPROVEDPROCESSED
Allowed values:YesNo
The percentage of the beneficiary`s allocated share of the death benefit that remains to be paid after the policyowners death.
Example:75.5
RiskClass
stringAllowed values:ULTRANONTOBACCOELITENONTOBACCOPREFERREDNONTOBACCOSTANDARDNONTOBACCOSTANDARDTOBACCOSTANDARDAGGREGATESUBSTANDARDNONTOBACCOSUBSTANDARDTOBACCOSTANDARDPLUSNONTOBACCOPREFERREDTOBACCOSTANDARDCONVERSIONTOBACCOSTANDARDCONVERSIONNONTOBACCO
SubStandardRating
stringAllowed values:TABLEATABLEBTABLECTABLEDTABLEETABLEFTABLEGTABLEHTABLEITABLEJTABLEKTABLELTABLEMTABLENTABLEOTABLEPNONETABLE
CoverageParticipants
objectThe Insured(s) ID is a unique identifier assigned to the insured individual(s) covered under a life insurance policy. It is used by insurance companies to track, process, and manage policyholder records efficiently
Example:Party_PI_1
Note-Use coverage.coverageLayers.coverageParticipants.partyAgeAtIssue field instead of issueAge
Example:43
The Party Age at Issue refers to the age of any party associated with a life insurance or annuity policy at the time the contract is issued
Example:43
Allowed values:ULTRANONTOBACCOELITENONTOBACCOPREFERREDNONTOBACCOSTANDARDNONTOBACCOSTANDARDTOBACCOSTANDARDAGGREGATESUBSTANDARDNONTOBACCOSUBSTANDARDTOBACCOSTANDARDPLUSNONTOBACCOPREFERREDTOBACCOSTANDARDCONVERSIONTOBACCOSTANDARDCONVERSIONNONTOBACCO
Allowed values:TABLEATABLEBTABLECTABLEDTABLEETABLEFTABLEGTABLEHTABLEITABLEJTABLEKTABLELTABLEMTABLENTABLEOTABLEPNONETABLE
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CoverageLayer
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
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
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
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 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
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
Cumulative Modal Premium refers to the sum of actual premium amount a policyholder pays based on the selected billing frequency (mode)—such as monthly, quarterly, semiannual, or annual. It represents the sum of current periodic payment due for the base coverage and any attached riders under a life or annuity insurance policy.
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
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refers to a scheduled premium payment that was not received or applied by its due date, based on the policy’s modal frequency (e.g., monthly, quarterly, semi-annual, or annual). It represents a missed payment obligation that remains outstanding and may trigger administrative or policy-level actions
Example:1000