Policy
Here you will find help on the Policy page.
Complete the following fields as required:
| Name | Description | Required | Permitted Values |
|---|---|---|---|
| Policy Number | Enter a unique reference for the policy. | No | Alphanumeric |
| Carrier | The insurance company which is responsible for the Policy. This may not be the same entity as the company which issued the Policy. This field references a database of insurance companies provided by AM Best; typing in a few letters from the name of the company (or the company's NAIC number) will bring up a list of options from which you can pick one. | No | Dropdown |
| Face Amount | The base amount of Death Benefit for the Policy. You should review the Policy Form and Schedule and any Illustrations carefully to ensure that this value is correct. | Yes | Numeric less than 150 |
| Policy Type | A dropdown list of all policy types. | Yes | Dropdown |
| Policy Date | The date as of which coverage began under the Policy. Note that this may not be the same date as the Policy Issue Date. | No | Date |
| Age | Enter maturity age by selecting age. | No | Radio Button |
| Date | Enter maturity age by selecting deduction end date. | No | Radio Button |
| Age Basis | A dropdown list of all age basis types. | No | Dropdown |
| Maturity Age | Enter a numeric value. | No | Number |
| Extended DB Age | Select a age. | Yes | Dropdown |
Age Basis
ClariNet LS supports 3 different types of age calculation:
- Age Last Birthday (ALB)
- Age Nearest Birthday (ANB)
- Age Nearest Birthday (Monthly) (ANBm)
Age Last Birthday
The age last birthday method simply means that on any given date, your age is considered to be the age that you were on your last birthday.
Birthday: January 12 1960
Date: December 25 2023
Last Birthday: January 12 2023
Age: 63
Age Nearest Birthday
The age nearest birthday method compares the number of days from your last birthday to a given date to the number of days until your next birthday from the given date.
If the number of days to your next birthday is less than the number of days from your last birthday, the age at the next birthday is used instead.
Birthday: January 12 1960
Date: December 25 2023
Last Birthday: January 12 2023
Next Birthday: January 12 2024
Days to next birthday: 18
Days since last birthday: 347
The next birthday is closer.
Age: 64
Age Nearest Birthday (Monthly)
The age nearest birthday (monthly) method uses the same principle as the ANB method but rather than calculating the number of days to the last and next birthday, it uses a simpler approach: if the date is more than 6 months after the last birthday, the next birthday is used.
Birthday: January 12 1960
Date: December 25 2023
Last Birthday: January 12 2023
Last Birthday + 6 months: July 12 2023
Date is greater than the Last Birthday + 6 months, so the next birthday is closer.
Age: 64