The Administrator is designed to process new products and variations in existing products with product/function independence. Product definitions are provided with database control rather than program control. Every coverage, benefit, extra, account value calculation method, interest rate, reserve factor, surrender charge calculation method, customer option and exception is defined and uniquely identified and stored on the Product Description Database.
Product features can be varied and tested in a real-time environment with limited or no intervention from information services personnel. Alterations can be made and immediately tested to facilitate verification of product design concepts.
Insurance Products
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COMBINATION PRODUCTS
- Life with Disability Income
- Life with Long Term Care
- Annuity with Disability Income
- Annuity with Long Term Care
ACCUMULATION ANNUITIES
- Variable
- Fixed
- Equity Indexed
- Market Value Adjusted
- Flexible Premium
- Single Premium
- Joint Annuitant
- Group Variable
- Unbundled Annuities
- Guaranteed Investment Contracts
UNBUNDLED SUPPORT
- Death Benefit Options
- Premium Accumulation
- Ratchet/Reset/Rollup
- Estate Preservation Rider
- Living Benefit Option
- Premium Bonus and Recapture
- Reduced Surrender Charge Schedule
- Free Out Provisions
- Minimum Premium Buy Down
- Explicit Asset Based Charges
- Mortality and Expense Rate Classes
- By Account Value Band
- By Contract Duration
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BENEFITS AND RIDERS
- Payor Waiver
- Waiver of Costs
- Waiver of Premium
- Accidental Death
- Cost of Living
- Automatic Increase
- Paid Up Addition Rider
- Guaranteed Insurability
- Family Rider
- Return Of Premium
- Adjustable Term
- Legacy Asset
- Spouse Rider
- Other Insured Rider
- Primary Insured Rider
- Additional Benefit/Supplemental Coverage
- Child Rider
- Guaranteed Death Benefits
- Perm / Term Split Rider
- Term Rider
- Annuity Rider
- Accelerated Death Benefit Rider
- Deposit Fund Rider
- Disability Income Rider
- Long Term Care Rider
- Living Benefits
- No Lapse Guarantee Rider
- Shadow Fund
- Single-Tier No Lapse
- Multi-Tier No Lapse
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LIFE PRODUCTS
- Universal Life
- Variable Universal Life
- Variable Life
- Hybrid VUL
- Interest Sensitive Whole Life
- Ordinary Life
- Term Life
- Frasierized Joint Survivor
- Joint Equal Age Survivor
- Equity Indexed Universal Life
- Association Life
- Single Premium UL
- Single Premium VUL
HEALTH PRODUCTS
- Disability Income
- Long Term Care
- Medicare Supplement
- Hospital Expense
- Major Medical
PAYOUT ANNUITIES
- Variable
- Fixed
- Immediate
- True Annuitization
- Hybrid Annuitization
- Partial Annuitization
- Joint & Survivor with Period Certain
- Guaranteed Cash Refunds
- Continuation of Benefits
- Combined Arrangements
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The Administrator readily supports the development of hybrid products. Traditional life or health products can be combined with non-traditional life and/or annuity elements to form new products.
For example, by using the special function features of the Product Description Database, a Universal Life product can be made to require premiums and calculate nonforfeiture values, making the product more like interest sensitive whole life. By adding equity based accounts to this same Universal Life contract, a Variable Universal Life or equity indexed policy is constructed.
Traditional products with fixed rates on loans and cash values can become interest sensitive, and can be changed to include Market Value Adjusted Accounts. New portfolios can be added quickly through a cloning feature. New plans are added by copying the existing plan and changing only those features unique to the new plan. In addition, sections of existing plans can be cloned and combined together to create new plans of insurance.
Processing rules can even be varied at the policy level. Individual policies or coverages may point to unique product description data. As an example, a single policy may point to unique interest rates, cost of insurance and/or commission structures. Pre-arranged structures are also supported at the producer level.
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