AXIS Module - Disability

Uses of the AXIS Disability Module include the following for Health and Disability related products:

• Pricing and design
• Valuation
• Financial Statements
• Statistics on Active & Disabled Lives In Force
• Cashflow projection and testing
• Surplus adequacy testing
• Required Surplus
• Embedded Value and appraisal
• Asset liability management
• Stochastic analysis
• Margin analysis

The AXIS Disability Module contains a comprehensive collection of features for modeling disability insurance policies paying lump sum or Income replacement benefits including:

• COLA
  • On active lives
  • On disabled lives
  • Caps
  • Floors
  • At policy, claim or calendar month anniversary
• Waiver of Premium
  • By Increasing Benefits with no change to Compensation
  • By Reducing Premiums with changes to all Premium related Expense
• Integration of Benefits with Other Income
• Return of Premium
• Multiple reinsurance treaties
• Modeling policy riders with base policy
• Multiple decrement assumptions
• Policyholder behavior modeling
• Both Active and Disabled lives can be modeled simultaneously
  • explicit modeling of both the incidence of disability at defined elimination periods and the payment of benefits to disabled lives subject to defined rates of termination, recovery and disabled life death

The AXIS Disability Module also includes other features designed to model Long Term Care Insurance, Critical Illness Insurance, Cancer Insurance and many others with:

• Total Benefit Paid Cap
• Flexible Lump Sum
• Death Benefit while Disabled

Additionally the AXIS Disability Module supports many reserves methods, including:

• Active Life Reserves:
  • US GAAP FAS 60 & 97
  • 1 & 2 Year Preliminary Term
  • Principles-Based Valuation (US)
  • Policy Premium Method (PPM)
  • Unearned Premium
• Disabled Life Reserves:
  • A Percentage of the Present Value of Benefits
  • A Percentage of the Monthly Income

Up to 6 reserve bases may be run simultaneously.