The Life Insurance plan code table is used to set up your life insurance products and define product-wide inputs and settings. It should be used to allow for the existing products to vary behavior based on the plan code specified on each model point in the model point files.
The default plan code table in the Slope Library includes the following fields. You should add additional fields to this table as needed for your specific needs.
Plan Code – The plan code that is used as the index to this table. This can be any string value that you want.
Experienced Mortality Table – The name of the mortality table to be used for experienced mortality on the product. This will be combined with the Mortality Age Basis (see below) and the risk class from the model point file to select the appropriate mortality table from the Mortality Table Lookup.
GAAP Val Interest Rate – The valuation interest rate to be used for US GAAP valuation on this product.
GAAP Val Mortality Table – The name of the mortality table to be used for US GAAP Valuation on the product. This will be combined with the Mortality Age Basis (see below) and the risk class from the model point file to select the appropriate mortality table from the Mortality Table Lookup.
Guarantee Duration Type – The guarantee duration for determining Statutory Valuation interest rates. This value should be one of the following: <=5, 6-10, 11-10, or >20.
Guaranteed Rate – The minimum guaranteed credited rate on the product. This is only used on UL & VUL products. It can be set to 0 on term life and whole life.
Maximum Age – The maximum age for the product. This determines the age at which all further benefits stop and no further premiums are to be paid. The various products are set up to use this as the age at which all PV calculations for reserves will stop being calculated as well.
Mortality Age Basis – The age basis is used to look up all mortality tables from the Mortality Table Lookup table. This value should be specified as ALB for Age Last Birthday or ANB for Age Nearest Birthday. Other values can also be specified as long as the Mortality Table Lookup table is updated to include those new values as well.