An Override Set is an object that allows you to group together multiple Overrides of various types. Overrides are useful objects for temporarily or permanently updating the assumptions used in various AXIS objects either interactively or under batch control. The assumptions can be redefined either temporarily for the purpose of running a sensitivity report - or permanently as a powerful method of updating assumptions for multiple objects at once.
An Override differs according to the type of AXIS object it references and also the particular module. Currently, there are 7 overrides that apply during Cell Processing, including:
There are also three higher level object overrides:
Seriatim overrides and Table Substitution overrides do not apply to specific objects. Seriatim Overrides apply to the seriatim data which is attached to the cells after it has been exported from the DataLink Policy Information Table. A Table Substitution override allows a final stage substitution of assumption tables otherwise selected in the Cells, Reinsurance Terms, Other Benefits, and Investment Accounts or defined through seriatim data.
Object Overrides are defined using the same assumption screens that are used to create or edit the particular AXIS object. The fields of the Override define various operations that apply to the corresponding fields in the object to which they are applied. The operations that are available will vary depending on the type of Override created. Simple Overrides support simple replacements of assumption values and tables whereas Full Overrides support the following advanced operations:
Object Overrides can be interactively applied within a particular object list; however, for added flexibility, Overrides can be included in Batch processes. The Overrides would first have to be included in an Override Set, which would then be included in the Batch Process. Since the Override Set can be applied in Batch processes which cross modules, you may include multiple module-specific Overrides of the same type (Cell, Subfund) provided you select no more than one of each from a given module.
Override Sets can be used within Dataset Batch processes that call for the one-time recalculation of Cells, such as Calendar Year Projection Recalculation and Valuation Factor Recalculation batches. The Update Assumptions Batch process allows for the Cell Assumptions affected by the Cell Overrides within the Override Sets to be saved. While Seriatim Overrides, Investment Account Overrides, and Table Substitution Overrides may also be used in the Cell Recalculation, they will not affect the saved assumptions. Batch Testing batches allow cells to be recalculated under each of a selected set of Override Sets, thus providing powerful options to prepare reports of sensitivity tests on profitability or reserves. These batches include no options to save the adjusted assumptions.