The Illustration Report is a policy year based display of the policy values that are projected to be applicable to a surviving policyholder. It is useful for purposes of reviewing and reconciling the projected patterns of sum assured, premiums paid, fund accumulations and/or cash values available, and dividends (in Par module only).
This report may be requested directly from the Cell Assumption screen in those modules that support this report, and does not require the cell to be run first, although the Illustration report will be available every time Policy Year results are run. To run the Illustration Report alone, click on the Illustration button in the Action Bar.
Individual product age illustrations will be generated according to the product ages selected in the Age Distribution Table in the cell assumption screen for pricing purposes, and the results for the first product age run will be displayed. You may then select the Illustration for any other product age by clicking on the Select Product Age button in the Action Bar, or by opening the View Menu from the Menu Bar.
For Accumulation Annuity and Universal Life products, Policy Illustrations are initially displayed with either annual or monthly detail in each policy year, according to the selection last applied. A button will appear in the Action Bar to allow you to select the alternate detail level from the one displayed. In the Asset and Reinvestment modules, mortgages may also generate illustrations of the amortization schedule and the payments made. In this case, the detail level is either monthly or quarterly as selected.
The standard format will show details for the first fifteen policy years and summary durations thereafter. You may select the Show Extended option to view details for all policy durations by using the Format Menu from the Menu Bar. The Format Menu also includes options to select the Font style and size for the Report, and a Preferences option that allows you to select the number of decimal digits displayed.