The Whole of Life Policy adjustments are as illustrated in the diagram below. These adjustments seem like a trimmed down version of the Investments adjustments with the inclusion of ‘Surrender Value’.

 

 

* The System Generate icon is also not available in the Whole of Life policy adjustment setup.

 

Monthly premium

This is for all premiums paid monthly during the term of policy. Date ranges and the premium amounts are required.

 

4 weekly premium

This is for all premiums paid every 4 weeks during the term of policy. Date ranges and the premium amounts are required.

 

Quarterly premium

This adjustment is same as above but on quarterly basis.

 

Annual premium

The annual premium takes into account the premiums paid annually. Date ranges and amount of premium are required.

 

No premiums

No premiums adjustments is used to enter date ranges or period where the customer did not pay any premiums into the policy.

 

Fixed Rate

This is an interest rate adjustment which may be required for a set period within a calculation. Date range and the rate amount are to be entered.

 

Surrender Value

This is for specifying policy surrender values.  Both the date and amount is required and this needs to be included within the date range of the calculation.

 

Admin fee

Admin fee is usually paid at the start of a policy and affects the Current Position (balance). Enter the date that it took effect and the value.

 

Monthly admin fee

This is similar to admin fee but on a monthly basis. Enter the start date, the value and the end date (For example, 4 months can be entered as ‘4m’).

 

4 weekly admin fee

This adjustment is same as above but on a 4 week basis. Enter the start date, the value and the end date (For example, 4 months can be entered as ‘4m’).

 

Monthly accrued admin fee %

This adjustment is calculated based on the previous months balances. This is only for Fund related calculations and not interest related calculations.

 

Quarterly admin fee

This is same as the Monthly Admin Fee but done on a quarterly basis. Enter the date it took effect from, the value and the date it ended.

 

Annual admin fee

Annual admin fee is an admin fee done on a yearly basis. Enter the date it took effect from, the value and the date it ended (For example, 2 years can be entered as ‘2y’).

 

Annual admin fee %

Annual admin fee is paid on a yearly basis. Enter the date it took effect from, the % of the balance for the fee and the date it ended (For example, 2 years can be entered as ‘2y’).

 

Tax %

Change tax % applied to interest calculations

 

Advisor fee

This is a positive adjustment for use where a one-off advisor fee has been charged

 

4 weekly advisor fee

This is a positive adjustment for use where a 4 weekly advisor fee has been charged

 

Monthly advisor fee

This is a positive adjustment for use where a monthly advisor fee has been charged

 

Quarterly advisor fee

This is a positive adjustment for use where a quarterly advisor fee has been charged

 

Annual advisor fee

This is a positive adjustment for use where an annual advisor fee has been charged

Related Topics

Adjustments