New Policy Values
When creating a (new) policy 3 fields are automatically calculated: Start Date, Expiry Date and Value
These values are calculated based on:
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:
The user-defined Enrollment Date
The Product Start Cycles (1,2,3,4)
Rules:
If the Product has no Start Cycle, the Start Date = the Enrollment Date.
If the Product has 1 (or more) Start Cycle, the Start Date = next cycle date
Examples (with product of screenshot):
if Enrollment Date = 23/10/2020, then Start Date = 01/11/2020
if Enrollment Date = 12/12/2020, then Start Date = 01/01/2021
Calculation of the Expiry Date
The Expiry Date is calculated based on:
The policy Start Date
The Product Insurance Period
Rule:
The policy Expiry Date = policy Start Date + Insurance Period months - 1 day
Examples (with product of screenshot):
if start date = 01/11/2020, then Expiry Date = 31/10/2021
if start date = 01/11/2020, then Expiry Date = 31/10/2021
Calculation of the Value
The Value is calculated based on:
The Family composition (number of adults and number of children)
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
The Policy Value is the sum of 3 ‘buckets’ (contributions, registrations and assemblies) minus a discount:
Value = Contributions + Registrations + Assemblies - Discount
Except the discount, these values are dependent on the family composition. 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 husband, brother,…) - further called children
children in ‘other’ family relationships - further called other children
Calculation of the contributions
The contributions part is calculated based
Calculation of the registrations
Calculation of the assembly
Calculation of the discount
Policy Renewal Values
//TODO