The Adjust Header dialogue box permits the user to define how the column’s data is accessed. Note that not all of these choices will be available in every table’s column header.
Calendar Year
If the CY header is set to year x, this method applies the value in row n to the entire policy year that begins during the calendar year x+n-1.
For example, a policy is issued on September 15, 2000. If the header is set to CY2000, the value in row 1 is used in policy year 1 and the value in row 2 is used in policy year 2, etc. Using the same header and an issue date of April 15, 2005, AXIS uses the value in row 6 for policy year 1 and the value in row 7 for PY 2 and so on.
If the policy issue date and any anniversaries occur during or before calendar year x, AXIS will use the value in row 1 of the table. If the issue date or any policy anniversaries occur during or after calendar year x+99, AXIS will use the value in row 100.
When projecting Policy Year results, this method uses the Pricing Issue Year in the Processing Section of the Cell Assumption Screen to determine the timing of the issue date and all subsequent anniversaries. If this value is less than pricing issue year, AXIS will return the warning, “One or more calendar year tables start after the pricing issue year.” It will also put a red highlight in the table icon.
Issue
Year
If the IY header is set to year x, this method applies the value in row n to every policy year of all policies issued during the calendar year x+n-1.
If the policy issue date occurs during or before calendar year x, AXIS will use the value in row 1 of the table. If the issue date occurs during or after calendar year x+99, AXIS will use the value in row 100.
True
Calendar Year
This method applies the value in row n to the partial policy years that fall within the calendar year x+n-1.
For example, a policy issued on September 15, 2000, and a TCY2000 header, the value in row 1 is used from September 15 to December 31, 2000. The value in row 2 is used from January 1, 2001 to December 31, 2001. On a policy year basis though, the value in row 1 is used for 7/24ths of policy year 1 and the value in row 2 is used for the remaining 17/24ths of the first policy year. The value in row 2 is used again for the first 7/24ths of the second policy year and so on.
Policy
Year
This is typically the default method. Using this definition will allow the column to be used in the same manner as any entry age table.
In the DI module Policy Year is replaced with Claim year when the assumption is related to disabled lives. This allows assumptions by year since disablement claim.
Age
Attained
This method uses the value in row n for the policy year where the age is n at the beginning of the policy year.
Age
Attained Youngest Life
This method is similar to Age Attained but only works when the Cell has been defined as having joint lives. AXIS uses the value in row n for the policy year during which the attained age of the youngest of the joint lives is n.
Outstanding
Term
This method uses the value in row n for policy year term-n+1, where term is found in the Age Distribution table.
For example, if the policy has a 10 year term, the value in row 10 is used in policy year 1; the value in row 9 is used in policy year 2 and so on.
Product
Age
This method uses the value in row n for every policy year where the product age is n. For a single life policy, the product age is synonymous with the issue age. For a joint life policy it is the equivalent single age (ESA)
Inforce
Year
This method is only available in the Asset and Reinvestment modules. It uses the value in row 1 for the one year period starting at the Inforce Date in the Cell. However, if the Purchase Date in the Cell is after the Inforce Date, AXIS uses the Purchase Date. In the Reinvestment module, AXIS uses the reinvestment date.
This method uses the value in row n for a policy year where the remaining years in the guarantee term is n.
Table Commences in the First Projection Month
This method is only available at the Subfund, Fund and Office level.
If the Valuation Date is at the Financial Year End, this method uses the value in row 1 for the financial year/month after the Valuation Date.
If the Valuation Date is not at the Financial Year End, the table will commence at the start of the financial year that contains the Valuation Date. For example, if the Valuation Date is September 2000 and the Financial year end is December, the value in row 1 is used from January 1, 2000 to December 30, 2000 if it is an annual table or from January 1, 2000 to January 30, 2000 if it is a monthly table.
Table Commences in the First Month After Valuation/Pivot Date
This method is only available at the Subfund, Fund and Office level.
This method uses the value in row 1 for the valuation year/month after the Valuation/Pivot Date. For example, if the Valuation/Pivot Date is September 2000, the value in row 1 is used from October 1, 2000 to September 30, 2001 if it is an annual table or from October 1, 2000 to October 30, 2000 if it is a monthly table.
Pivot Date is defined as future revaluation dates in a Superblock run. Superblock is currently under development and is not available for use.
The Adjust Header dialogue box may also serve to define some other properties of the column. For example, an expense table may allow the user to define whether inflation applies to a column or not. It may also allow the user to define the proportion of the expense that occurs at the beginning of the policy year. In an Age Distribution table, it allows the user to enable or disable the product ages.
See the help topics for the specific table for more information.
Example of how AXIS behaves when a Calendar year header is chosen and the Define option for Interest rate reset definition is set to "(3)Interest rate reset at the beginning of each financial year"
·
Financial year is the same as Calendar year
·
a policy is issued at July 1, 2000
·
Calendar year header starting at 2000 with
values 1, 2, 3, . . .
·
the Define option is set to have the rate reset
at the beginning of each financial year
AXIS will use the values by policy month as follows:
Policy
Month
Policy
Year
Calendar
Year
Calendar
Month
Value
1 1 2000 7 1 2 1 2000 8 1 3 1 2000 9 1 4 1 2000 10 1 5 1 2000 11 1 6 1 2000 12 1 7 1 2001 1 1 8 1 2001 2 1 9 1 2001 3 1 10 1 2001 4 1 11 1 2001 5 1 12 1 2001 6 1 13 2 2001 7 1 14 2 2001 8 1 15 2 2001 9 1 16 2 2001 10 1 17 2 2001 11 1 18 2 2001 12 1 19 2 2002 1 2 20 2 2002 2 2 21 2 2002 3 2 22 2 2002 4 2 23 2 2002 5 2 24 2 2002 6 2
AXIS first reads in the values from the table and translates them into a
policy year basis. For this example, the value by policy year will be 1,
2, 3,… The reset mechanism will then be used to set the value to be used on a
financial year basis. The value at the beginning of each financial
year is set to the value that was read in for the corresponding policy
year. For this example, January 2001 is Policy Year 1, so the value to be used is set to 1.