The Commercial, Net, Expense loaded, Zillmerised and Investment premiums are calculated by cover using either user defined tables, standard calculation routines or even customized routines.
The Surrender Value at Last Anniversary, Last Anniversary profit sharing, Reserves before Alteration and Reserves after Alteration and the Guaranteed Maturity Values are calculated on-line when applicable.
Products and covers
Covers validation rules like minimum age at entry, maximum sum insured, cover type, period of premium payment, etc... can be specified for every newly introduced cover. There are primary covers and secondary covers. Secondary covers can exist on their own on a policy (example: Accidental Death Benefit) and they can also exist as riders on primary covers (Premium restitution on a Pure Endowment).
A product will contain one or several covers and riders. Not all the covers of a product are mandatory (they may not all exist on a specific policy).
Age and range of sum insured can define medical requirements and insurability requirements. Using the total sum insured on a given life, the system will suggest the appropriate medical examinations to be followed, showing also the exams already performed.
Commissions and Overrides
Commissions rates are defined by source of business (commission agreement), product and cover. There may be up to 9 intermediaries on a policy each having up to 4 levels of overrides.
The splitting of both the initial and renewal commission is defined on the source of business level. The initial commission can be calculated by the value generator where several parameters for a given intermediary or source of business can be taken into account.
The above system allows the full support of bank warm leads commission, where a source of business is defined for each bank deal. In the source of business, will be defined the commission percentages as well as the splitting rules between the bank and the intermediary (if any).
The initial commission and overrides can be paid and earned in several ways. As a matter of fact, the initial commission and overrides can be paid and earned by user-defined schedules.
The payment and earning of the initial commission and overrides can also be defined by type of intermediary.