| AXIS
Update Information |
| Update
Summary: |
Convert UDT #21 Amortized Face Amount Into Monthly Face Amount Table |
| Update
Type: |
Enhancement
|
| Version
# : |
12601001 (13 Feb 10) |
| Modules
Affected: |
Regular Life |
| Changes
Results: |
No
|
| GGY
Job # |
23181 |
| Detailed
Update Description |
In the Regular Life Module, user defined table (UDT) 21 has been converted to a new table section in the Face Amount field in Product Features, called ’Amortized Face Amount [composite]’, with 3 rows:
1/ Interest – Table sections ’Deterministic interest rate % may be selected, or new table section ’Level amort interest rate %’.
2/ Term – A single column table and table method ’Use Policy coverage term’ are available.
3/ Fixed Payments – A fixed payment schedule may be entered in an ’Amortization fixed payments’ table (or payments may be solved for).
Define options determine how the table input will be used to calculate monthly face amounts:
- Initial Loan Balance – Defaults to $1000 initial actual face amount, or user may solve for loan balance based on specified payments.
- Additional payments – Loan payments and amortized loan amounts will be solved for. This is the default option and reproduces former UDT 21.
- Adjust face amounts for accrued interest
- Payment frequency
- New features: Loan amortization period (may differ from Term) and balloon payment amount at end of amortization period (new optional fields are added for amortization period and balloon payment amount). |
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