AccountValue
objectShow Child Parameters
Show Child Parameters
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TestValueAttributes
objectGuideline Level Premium Test Date
Example:2021-01-01
The Definition of Life Insurance (DLI) refers to the IRS-defined criteria that a life insurance policy must meet to maintain its tax-advantaged status. Policyholders must choose between two IRS-approved tests to ensure compliance: Guideline Premium Test (GPT) Cash Value Accumulation Test (CVAT) Each test has different implications on premium limits, cash value growth, and tax treatment
Example:Method A
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:500
Guideline Annual Premium
Example:1000
Guideline Level Premium Excess Pay Amount
Example:200
Cumulative Guideline Annual Premium
Example:2500
The MEC Test Date refers to the last date on which the life insurance policy was tested to determine whether it qualifies as a Modified Endowment Contract (MEC) under IRS regulations. This date is updated whenever a new MEC test is performed, ensuring the policy remains compliant with federal tax rules
Example:2022-01-01
Modified Endowment Contract Maximum Contribution
Example:3000
Modified Endowment Contract Date
Example:2022-05-01
Modified Endowment Contract Indicator
Allowed values:YESNO
Example:YES
The 7-Pay Premium refers to the maximum allowable premium that can be paid into a life insurance policy during the first seven years without triggering Modified Endowment Contract (MEC) status. It ensures that the policy remains a tax-advantaged life insurance contract rather than an investment vehicle
Example:1500
Seven Pay Premium Start Date
Example:2023-01-01
Seven Pay Year
Example:5
The 7-Pay Test Basis refers to the total cumulative premium paid into a life insurance policy during the first seven years (the 7-pay period), as measured against the IRS 7-Pay Test limit. This amount is used to determine whether the policy qualifies as a life insurance contract or is classified as a Modified Endowment Contract (MEC).
Example:Basis A
Seven Pay Test Limit
Example:3000
The Year in Period refers to the current year within the seven-year time frame of the 7-Pay Test. It is crucial because the 7-Pay Limit increases each year, and the test is updated annually to ensure the policy remains within IRS limits
Example:2
TestValue
objectShow Child Parameters
CoverageValueAttributes
objectTotal Risk Amount
Example:500000
Minimum Benefit Amount
Example:10000
Maximum Benefit Amount
Example:20000
Exercise Date
Example:2023-06-01
Band
Example:Band A
Gross Death Benefit Amount
Example:45000
Low Death Benefit
Example:40000
Maximum Number of Face Changes Per Year
Example:4
Minimum Amount Decrease
Example:500
Maximum Amount Decrease
Example:2000
Maximum Age Decrease Amount
Example:70
Maximum Number of Coverage Decreases Per Year
Example:2
Minimum Amount Increase
Example:1000
Maximum Amount Increase
Example:3000
Maximum Age Increase Amount
Example:80
Maximum Number of Coverage Increases Per Year
Example:3
Net Death Benefit Amount
Example:42000
Death Benefit Remaining
Example:20000