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When creating a (new) policy 3 fields are automatically calculated: Start Date, Expiry Date and Value
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Product (or insurance scheme)
Family composition (only influences the Value)
The user-defined Enrollment Date (influences both start/expiry dates and Value)
Calculation of the Start Date
The Start Date is calculated based on:
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if Enrollment Date = 12/12/2020, then Start Date = 01/06/2021 (next year first cycle)
Calculation of the Expiry Date
The Expiry Date is calculated based on:
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if start date = 01/11/2020, then Expiry Date = 31/10/2021
Calculation of the Value
The Value is calculated based on:
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Except the discount (which depends on enrollment date), these values only dependent on the family composition. If the Product has a Maximum Members, family members are ordered based on their creation (i.e. recording in system) date time and all members beyond the Maximum Members parameter are simply not taken into account in any calculation.
In other words, the order in which the user records the family members may change the policy value (for example, if he records all the children first, the ‘child contribution’ will be used, while the adults count will be capped).
(remaining) Family members are ‘classified’ (counted) in 4 categories:
adults in ‘standard’ family relationships (like husband, brother,…) - further called adults
adults in ‘other’ family relationship (i.e. special value of the binding relationship) - further called other adults
children in ‘standard’ family relationships (like son, brother,…) - further called children
children in ‘other’ family relationships - further called other children
Calculation of the contributions
There are 2 major strategies to compute contributions part: with a lump sum or without.
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A family with 1 adult, 1 ‘other’ adult and 8 (non-'other') children will have a contribution = 10.000 + 1.000 (the ‘other’ adult) + 4*500 (members above threshold = 1 + 8 - 5)
Calculation of the registrations
The 2 same major strategies applies to registrations part calculation: with or without lump sum.
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with a registration lump sum, the registrations part is the lump sum
without the lump sum, the amount is simply the number of members * registration fee
Calculation of the assembly
The assembly follow the exact same logic as the registrations part: 2 strategies (with and without lump sum) and, without lump sum, all members are equally.
Calculation of the discount
The discount is a simple percentage of the 3 other ‘buckets’ (contributions + registrations + assembly) which is applied only if the enrollment date is before the start date - enrollment discount period.
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For a product with a Enrollment discount of 10% and a Enrollment Discount period of 1 month, if the registrations + registrations + assembly = 10.000, the enrollment date 05/04/2021 and a start date of 01/06/2021 (cfr. start date calculation to reach this situation). Since 05/04/2021 < 01/05/2021 (01/06/2021 - 1 month), there will be a discount of 1.000.
Policy Renewal Values
//TODO