Professional Documents
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PRODUCT INDEX
PRODUCT_ABBREVIATION PRODUCT_NAME DESCRIPTION
Disclaimer
NOTE: The purpose of this document is to provide the necessary specifications for initial product set-up. The details contained
in this document are subject to change by Botswana Life Insurance when need arises. Detailed Claim and Amendment
Business rule, if required, will be sent separately.
Revision History
Version No Revision Comments Date of Release
MAIN PAGE: Added Renewal, Risk and
2.1 Acquisition expenses 17-Jun-10
Revised by
Keaobaka Ramolemoge
General Setup in EBAO System
PRODUCT_ABBREVIATION ULP1-29
PRODUCT_NAME NEW EXTENDED FAMILY FUNERAL BENEFIT
START_DATE 01-Jan-02
MANDATORY_PROD_YES_NO No
PRODUCT_CATEGORY RIDER
PRODUCT_CATEGORY_DESC RIDER BENEFIT ON INVESTMENT PRODUCT
Underwriting Rules No
Waiting Period Yes
EXPENSES
Charge1 Home
Charge type
Fee Source Deduct from premium
Calculation Base policy level
Follow Premium Frequency Yes
Charge Frequency monthly
Deduct Order 4
Deduct Mode By Order
Calculation Basis Formula
Charge2 Home
Charge type
Deduct Order 1
Deduct Mode By Order
Calculation Basis Formula
Premium Calculation for Life Cover Home
Premium Formula
Liability 1 Home
Liablity Category Death
CS ALLOWED RULE_VALUE
DECREASE IN EFFB UNITS Y
INCREASE IN EFFB UNITS Y
DELETING DEPENDANT Y
ADDITION OF DEPENDANT Y
NEW BUSINESS RULES RULE_VALUE
RENEWAL_MARGINAL_CUTOFF NA
RENEWAL_BASIC_RATE NA
RENEWAL_BASIC_RATE NA
RENEWAL_EXCESS_RATE NA
MIN_ACQ_EXPENSE_DOC NA
MAX_ACQ_EXPENSE_DOC NA
MIN_ACQ_EXPENSE_POST_DOC NA
MAX_ACQ_EXPENSE_POST_DOC NA
ACQ_EXPENSE_FACTOR NA
INVESTMENT_ALLOWED N
FEMALE_AGE_ADJ NA
MALE_AGE_ADJ NA
SMOKER_AGE_ADJ NA
INCOME_AGE_ADJ NA
EDUCATION_AGE_ADJ NA
MARRIAGE_AGE_ADJ NA
Pure Risk
Rider Benefit
Formula Home
Commissions
Formula Home
Renewal Expense (PolicyActivation, Premium Increase)
Formula Home
Risk Charge Calculation
Bid price = Offer price
Formula Home
Acquisition
Bid price = Offer price
Formula Home
This is Rider benefit of Investment Product so only one
claim type is allowed
COMMENTS
Formula Home
Premium Calculation
Formula(s)
Premium Factor
POLICY_NUMBER
ACCOUNTING_DATE
TRANSACTION_CODE
PREMIUM_AMOUNT
INTEREST_CHARGES
ACQUISITION_CHARGES
RENEWAL_CHARGES
RISK_CHARGES
COMMISSION_CHARGES
INVESTED_AMOUNT
CLOSING_BOD_AMOUNT
REN
REM
RECOM
Effective 01-APR-2002
REN
FORMULA STEPS
Step 1 : IF P <= RECOM
Step 2 :Else,
Step 3:
Main Page Formula Home
Formula Example
Office Rate = Lookup Rate from Office rate table for each covered
person's entry age & cover level / Office Scaling Factor
Premium = sum(Office rate)
If Pay Freq > 0 then Premium = Premium * 12 / Payment Freq;
Premium = round(Premium * Premium_Factor/100,2);
1481.26
21252222
1-Feb-03
PD
145
0
377
13.7
34.65
129.59
0
-409.94
RATE_TABLE_CODE EFB2
RATE_TABLE_DESC NEW EFFB
IS RATE TERM BASED NO
IS RATE AGE BASED YES (RATEG AGE)
IS RATE COVER_BASED YES
GENDER_BASED NO
OFFICE_SCALING_FACTOR 1
RISK_SCALING_FACTOR 1