Universal Life

What’s New in ULMaster?

Key Features

PolySystems’ fully integrated suite of production quality actuarial modeling software offers comprehensive valuation, projection, and experience study capabilities. With a unique combination of flexibility and out of the box functionality, PolySystems’ single platform can be used to calculate both prescribed and principles-based reserves and capital, perform fully integrated asset/liability projections for CFT and planning, set assumptions, carry out sensitivity and stochastic analyses, manage inforce profitability, price products and much more.  Key features for universal life include:

  • Reporting and analysis of historical data for FAS 97, SOE, and actual to expected comparisons
  • Custom dynamic lapse calculations
  • GAAP unlocking support

Broad Product Support

Our universal life software supports all major universal life products including UL, ULSG, Indexed UL, and Variable UL.  PolySystems’ high out of the box functionality supports a wide variety of universal life product features and design considerations, including:

  • Fixed and flexible premium patterns (target premium, single and level premiums to fund the secondary guarantee, etc.)
  • Joint life policies (first and second to die)
  • Policy loans
  • Secondary guarantees (minimum premium and shadow account design)
  • Rider support includes waiver on active and disabled lives, return of premium, family and child riders, primary and other insured riders, accidental death benefits, and long term care (including acceleration, extension, and inflation of benefits)
  • UL reinsurance treaties (assumed and ceded)

Multiple Accounting Methodologies

PolySystems supports valuations and projections for all major U.S. statutory, tax and GAAP reserving methodologies.  We actively follow potential changes to reserving rules and guidelines, keeping our software compliant and ready for new regulations before they become effective.  Our universal life software fully supports VM-20 for PBR and calculates  the net premium reserve (NPR), deterministic reserve and stochastic reserve, as well as the exclusion tests for the deterministic and stochastic reserves.  Examples of supported universal life accounting methodologies include the following:

Statutory & Tax
  • Full VM-20 support for PBR
  • CRVM (XXX/AXXX) and AG 36, AG 37, AG 38
  • NY regulations 147 and 179
  • Tax reserves and tax DAC
  • FAS 97
  • FAS 133 for indexed products
  • Purchase GAAP for VOBA and other intangibles
  • Economic reserves for reinsurance, reserve financing, and other applications
  • Economic capital for ORSA, pricing, and other applications

Output and Analysis

PolySystems produces a wide variety of standard and custom output.   We offer a vast library of predefined reports, including GAAP and statutory balance sheets, income statements, cash flow statements and over 280 other valuation and projection reports applicable to a multitude of modeling applications.  These reports are available at the seriatim level, in aggregate, or on a grouped (e.g. cohort) basis.  Special audit reports can be generated for hand checking calculations or sharing with auditors.  The software also includes a robust report writer for developing custom PolySystems reports.  For complete flexibility, detailed data files are available containing every calculated variable.  These can be uploaded to any data warehouse for use with 3rd party reporting applications.

We encourage you to contact us for further inquiries or to request a demo.