Oracle® Insurance XML Configuration Guide Release 9.7.0.0 E51103-01
The SplitPercentageRemoval assignment, configured in transaction XML, is used in conjunction with the SplitPercentageApply assignment type. SplitPercentageRemoval is used to remove a designated percentage from each undepleted deposit of each underlying fund. These removals are performed pro-rata from each deposit and override the Removal Method and Removal Precedence, which are configured when setting up the funds. SplitPercentageRemoval removes the entire fund balance from each deposit, and any extra pennies that result from rounding are allocated to the last removal processed for that fund/deposit.
For both inception and Point-in-Time valuation, valuation records are created for each removal with effective dates equal to the activity's effective date. However, these valuation records are stored differently depending on the valuation type:
If the funds involved require an NUV, but no NUV is available at the time of processing, the activity's status will be set to NUV Pending, and no valuation records will be written until NUVs are available.
Type |
SplitPercentageRemoval |
|
---|---|---|
Attributes |
REMOVALPERCENTAGE |
Required: Defines the percentage of the remaining policy value that will be deducted to meet the required removal percentage. Percentage should be represented as a decimal. |
REDEMPTIONFEE |
Required: If this attribute is given a value of "Yes", the assignment will calculate the Redemption Fee. The fee will reduce the amount removed by the SplitPercentageRemoval. |
|
REDEMPTIONMONEYTYPE |
Optional: Defines the MoneyType of the Redemption Fee. AsCodeMoneyType contains a designated code name for the SplitPercentageRemoval MoneyType. |
|
MONEYTYPE |
Optional: Defines the MoneyType of the SplitPercentageRemoval assignment. The MoneyType is referenced in the valuation record created for the fund/deposit removal. |
|
Element Value |
None |
|
Note: Unlike other assignment types, the SplitPercentageRemoval assignment's MoneyType is defined in the MONEYTYPE attribute, rather than in the <MoneyType> element. |
||
Used when |
To remove a designated percentage from each undepleted deposit of each underlying fund. |
<Assignment TYPE="SplitPercentageRemoval" REMOVALPERCENTAGE="GrossedUpSplitPercent" MONEYTYPE="99" REDEMPTIONFEE="No">
</Assignment>
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