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Universal Life > Valuation > Flashcards

Valuation Flashcards

1
Q

What does breakpoint 0 do?

A

Initialize environment

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2
Q

What is breakpoint 1 also called?

A

Horizon Process

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3
Q

What is the UPD?

A

Updated Policy Data *according to me

It has the policy data from the past month

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4
Q

What is the PDH?

A

Policy Detail History

It has the entire history for all policyholders

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5
Q

What does breakpoint 1 do?

A

Merges the PDH with the UPD and produces the HCF, PMF, and VMF.

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6
Q

What does HCF stand for?

A

Historical Cash Flows

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7
Q

What does PMF stand for?

A

Projected Master File

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8
Q

What does VMF stand for?

A

Valuation Master File

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9
Q

What breakpoint and reserve is PMF used for?

A

Breakpoint 3 - GAAP reserves

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10
Q

What does GAAP stand for?

A

Generally Accepted Accounting Principles

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11
Q

What breakpoint and reserve is VMF used for?

A

Breakpoint 2 - STAT/tax reserves

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12
Q

What does breakpoint 3 do?

A

Calculate GAAP reserves

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13
Q

What does breakpoint 2 do?

A

Calculate Stat and tax reserves

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14
Q

What are capital gains?

A

They are an increase in asset value

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15
Q

What is breakpoint 4?

A

Vector adjustments without capital gains

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16
Q

What is breakpoint 5?

A

Vector adjustments with capital gains

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17
Q

What is breakpoint 5 used for?

A

The DAC calculation

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18
Q

What does breakpoint 6 do?

A

Creates projections reports - CG report

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19
Q

What does RCF stand for?

A

Report Cash Flows

20
Q

What does PCF stand for?

A

Projected Cash Flows

21
Q

What does breakpoint 7 do?

A

Experience studies

22
Q

What does breakpoint 8 do?

A

Does scenarios

23
Q

Where is the documentation located?

A

I:\Poly\POLYSYS\Documentation\UL

24
Q

Where is the controls workbook located?

A

I:\Poly\POLYSYS\STAT\202107\UL

25
Q

Where is the CG report located?

A

I:\Poly\POLYSYS\STAT\202106\IUL

26
Q

Where is the EIUL Valuation Parameters workbook located?

A

I:\Poly\POLYSYS\EIUL Valuation Parameters\2021 Parameters\Q3\ulmtable\202107

27
Q

What does the PBR Breakpoint 1 do?

A

Creates the initial VMF

28
Q

What does PBR Breakpoint 2 do?

A

Runs the NPR

29
Q

What does PBR Breakpoint 3 do?

A

Runs the DR

30
Q

What does PBR Breakpoint 4 do?

A

Runs the SR

31
Q

What does NPR stand for?

A

Net Premium Reserve

32
Q

What does DR stand for?

A

Deterministic Reserve

33
Q

What does SR stand for?

A

Stochastic Reserve

34
Q

For PBR model, what does the version 1 of the VMF table?

Is the result of?

A

Is the raw table without any reserves stored in it.

Result of PBR BP 1.

35
Q

For PBR model, what does the version 2 of the VMF table?

Is the result of?

A

Calculates and populates the STAT fields. (NPR) - same as legacy
Results of the PBR BP2

36
Q

For PBR model, what does the version 3 of the VMF table?

Is the result of?

A

Populates the modeled reserve fields
DR and SR
Results of PBR BP 3 and 4

37
Q

What is the SQL PBR database?

A

SQL 377

38
Q

What is the SQL Legacy database?

A

SQL 126

39
Q

What does CDF stand for?

A

Custom Defined Function

40
Q

What is the other name for the JET workbook?

A

UL workbook

41
Q

Where to find the UL workbook

A

I:\Poly\POLYSYS\STAT\202106\202106 JET

42
Q

What workbook to use for Stat reserves?

A

Jet workbook

43
Q

What workbook to use for GAAP reserves?

A

CG report

44
Q

In general, GAAP reserves are?

A

the AV

45
Q

What is a secondary guarantee?

A

Guarantees you will not lapse if you are paying minmum

46
Q

What is a secondary guarantee?

A

Guarantees you will not lapse if you are paying minimum premium amounts

47
Q

Where to find the product specs?

A

P:\Products and Riders

Universal Life (2 decks)

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