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[lmi] Release notes for lmi-20080622T0059Z


From: Greg Chicares
Subject: [lmi] Release notes for lmi-20080622T0059Z
Date: Mon, 30 Jun 2008 17:46:26 +0000
User-agent: Thunderbird 2.0.0.14 (Windows/20080421)

Group reentry is now permitted after the issue date for inforce
certificates, where formerly it wasn't. Table-lookup code has
been revised extensively to support post-issue reentry.

Exceptions to the maximum issue age are sometimes granted without
adding appropriate rates to COI tables. Instead of lapsing the
policy immediately or giving an error message, the system now
synthesizes missing rates in an actuarially reasonable manner.
This change was necessary for post-issue reentry anyway.

Previously, an illustration could lapse when the account value
was just sufficient to pay the monthly deduction without a single
cent left over. Now, it doesn't lapse. This is crucial for DBO 2
policies that pay only the monthly "minimum" premium.

Previously, a fatal error occurred for a 1035 exchange with extra
premium paid in the first year, when the sum of both payments was
exactly equal to the 7702A necessary premium. Now, that scenario
works correctly, and an important case that needs it can be run.

The product editor used to forbid a schedule of tiered charges
such as
  50 bp on the first $90,000,000
  30 bp on the next  $10,000,000
  10 bp on any excess
because the limits don't increase. That restriction was mistaken,
and has now been removed. It had prevented some user-customized
files from being loaded; now that problem is solved.

Several inforce fields have been suppressed to avoid confusion:
most notably, to make it harder to enter 7702A data incorrectly.
See
  http://lists.nongnu.org/archive/html/lmi/2008-06/msg00038.html
for full details.




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