| AXIS
Update Information |
| Update
Summary: |
New NAAR Option To Adjust Fund for Notional Account Charges |
| Update
Type: |
Enhancement
|
| Version
# : |
12301001 (16 Aug 08) |
| Modules
Affected: |
Universal Life |
| Changes
Results: |
No
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| GGY
Job # |
23597 |
| Detailed
Update Description |
In the Universal Life module, under the Product Feature section in Cell Assumptions, a new option has been added to the "NAAR Method" switch:
8 - Face - [AA(t-1) + prem - load - exp & NA charge]
The Net Amount at Risk (NAAR) is set to the face amount minus the accumulated account value (total fund) at the end of the previous month, adjusted for the current month’s premium net of any premium load, expense charges, and notional account charges. Note that other benefit charges are not deducted here.
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