Actuarial clause of universal insurance
Eleven, universal insurance can and can only charge the following fees:
1. Initial fee, that is, the fee deducted before the insurance premium enters the universal account.
2. Death risk insurance premium, that is, the guarantee fee of the death risk insurance amount of the policy.
The risk insurance premium is charged by deducting the value of the policy account, and its calculation method is the death risk insurance amount multiplied by the death risk insurance rate.
An insurance company can collect the risk insurance premium of other insurance liabilities by deducting the value of the policy account.
3. Policy management fee refers to the management fee charged to the applicant or the insured for maintaining the insurance contract.
The policy management fee should be a fixed amount that is not affected by the change of the value of the policy account, which can be different in the first year and the renewal year of the policy. An insurance company shall not charge a policy management fee in the form of a certain percentage of the value of the policy account.
For group universal insurance, the insurance company can charge a fixed amount of policy management fee to each policyholder on the basis of charging the policy management fee to the policyholder.
4. Handling fees can be collected by insurance companies when providing some services such as collection to pay related management fees.
5. Refund premium, that is, the fee charged by the insurance company when the policy is surrendered or partially collected, is used to make up for the unamortized policy acquisition cost.
Four, universal insurance should provide a minimum guaranteed interest rate, the minimum guaranteed interest rate shall not be negative. During the insurance period, the value of the minimum guaranteed interest rate in each year shall be consistent and shall not be changed.
Five, the insurance company shall set up one or more separate accounts for universal insurance.
The assets of universal independent accounts should be managed separately, which can provide information such as asset value, corresponding policy account value, settlement interest rate, balance sheet, etc., and meet the requirements of insurance companies for universal independent account management and policy interest settlement.
Six, the insurance company shall determine the settlement interest rate according to the actual investment situation of the assets in the universal independent account. The settlement interest rate shall not be lower than the minimum guaranteed interest rate.
Seven, the insurance company can set up a special reserve for the universal independent account for future settlement. The special reserve shall not be negative, but can only come from the accumulation of the difference between the actual investment income and the settlement interest.
Eight, the insurance company shall regularly check the asset value of the universal independent account to ensure that it is not lower than the corresponding policy account value.
At the end of the quarter, if the asset value of the universal independent account is lower than that of the corresponding policy account, the insurance company shall take the following measures:
1. The annualized settlement interest rate announced each time in the next quarter shall not exceed the annualized settlement interest rate of this quarter;
2. Funds should be injected into the general independent account within 15 working days to make up the difference, and the funds can only come from the company's own funds.
Under other circumstances, the insurance company may not inject capital in any form.
Nine, the same universal independent account management policy should adopt the same settlement interest rate.
X different settlement interest rates or different minimum guaranteed interest rates can be adopted in the following situations:
1, different universal insurance products;
2. Different group universal insurance customers;
3. Universal insurance business sold in different periods.
According to the requirements of the preceding paragraph, universal policies with different settlement rates should be managed in different universal separate accounts.
Extended data
Actuarial clause of universal insurance
Twenty-five, the cash value refers to the difference between the policy account value and the refund premium.
Twenty-six, the liability reserve consists of three parts: account reserve, minimum guaranteed interest rate reserve and other policy interest reserves.
1. The account reserve is equal to the policy account value on the appraisal date.
2. Minimum guaranteed interest rate reserve
In order to reflect the extra cost brought by the minimum guaranteed interest rate, the insurance company shall set aside the minimum guaranteed interest rate reserve.
It is estimated that due to market fluctuation, the investment income of the universal independent account may not be enough to meet the settlement interest requirements of the minimum guaranteed interest rate in each future period, resulting in additional expenses:
CT = kt×avt×m；
Kt=max (minimum guaranteed interest rate-pressure interest rate, 0)
These include:
Ct is the extra cost at time t.
Kt is the expected rate of return difference at time t under the pressure interest rate scenario.
The pressure interest rate is -0.5% of the evaluation interest rate, with reference to the expected return on investment under the pressure interest rate scenario.
AVt is the estimated policy account value at time t.
M refers to the proportion of this period in 1 year.
The minimum guaranteed interest rate reserve is the sum of the present value of the extra expenses of each period discounted to the evaluation date according to the evaluation interest rate, and the calculation time of the extra expenses is at the beginning of each period.
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