AXIS Regular Life Module

The AXIS Regular Life Module supports traditional life insurance, including a wide variety of level and decreasing term, whole life and endowment, and creditor life insurance. While there is a basic cash dividend option, the module focuses on non-participating product features leaving the specific demands of par products to the AXIS Par Products Module.

In addition to basic death and surrender benefits, the AXIS Regular Life Module supports:

  • Multiple premium payment modes
  • Return of premium options on various contingencies
  • Multiple non-forfeiture options including CSVs on the fly, ETI and RPUs
  • Integrated proportional reinsurance under multiple treaties
  • Joint life and multiple life variations
  • Flexible support for miscellaneous benefits and options with independent decrements
  • Realistic policyholder and corporate tax features, including DAC tax

Financial results can be framed using any of over 40 reserve methods, both old and new, US and International, including: CRVM, Reg XXX and Reg 149, FAS60, FAS97, AG CCC, AG 25 and VM 20 net level premium, all of which can be calculated on the fly from first principles. Required capital adjustments can be based on RBC or other capital standards, up to three calculated simultaneously.

Premiums can be defined by predefined tables, supporting tiered or banded rates, calculated from a combination of base tables with up to ten adjustment factors, or from first principles using basic actuarial assumptions. Calculated tables can be iteratively adjusted by powerful solve routines to meet profit targets or other financial constraints.

The AXIS Regular Life Module models non-participating life insurance products and has a limited capability to model some simple dividends. The AXIS Regular Life module is frequently used for:

  • Pricing and design
  • Valuation
  • Financial Statements
  • Statistics on number of lives and total face amounts
  • Cashflow projection and testing
  • Surplus adequacy testing
  • Required Surplus
  • Embedded Value and appraisal
  • Asset liability management
  • Stochastic analysis
  • Margin analysis
  • NAIC Financials
  • US GAAP Financials

The AXIS Regular Life Module contains a comprehensive collection of features for modeling Traditional Insurance policies and benefits, including:

  • Return of Premium options
  • Paid-up Value options
  • Multiple reinsurance treaties
  • Modeling policy riders with base policy
  • Multiple Life policies and multiple decrement assumptions
  • Policyholder behaviour modeling
  • Cash values calculated using various reserve formulas including US non-forfeiture rules

The AXIS Regular Life Module supports many reserves methods, including:

  • Principles-Based Valuation (US)
  • Policy Premium Method (PPM)
  • US GAAP (SFAS60, SFAS97)
  • CRVM (XXX, NY Reg 147)
  • US NLP
  • Zillmer