New Policy Values

When creating a (new) policy 3 fields are automatically calculated: Start Date, Expiry Date and Value

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• The Family composition (number of adults and number of children)

• The Product Maximum Members parameter (limiting the covered family members)

• The Product Contributions params: Lump Sum, Threshold Members, Contribution Adult, Contribution Child,

• The Product Registration params: Registration Lump Sum and Registration Fee

• The Product Assembly params: Assembly Lump Sum and Assembly Fee

• The Product Enrollment Discount and Enrollment Discount Period

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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).

Family members are ‘classified’ (counted) in 4 categories:

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