Oracle® Insurance Policy Administration 9.1.0.0.0 E15811-01

# Premium

Premium is the minimum premium payment required to issue the policy. For policy years one through eight, payment of this monthly minimum premium every month will keep the policy in force. Beginning in the eighth policy year, positive cash surrender value is required to keep the policy in force. It is based on current charges, including any rider charges, and assumes no interest is earned on the net premiums. The minimum premium is re-calculated whenever a new layer of coverage is added.

You must have the base coverage segment and the coverage calculation activity processed on the policy before you can add this activity.

To add this activity, open the term policy you are working with and select Add Activity from the secondary menu.

Select Premium from the activity drop down box. Then enter the effective date, the premium amount received and select OK. You will also need to associate the money with a suspense record.

The activity will be listed on the Activity screen with a lightning bolt icon next to it. When you click the lightning bolt icon the activity will process.