New Allocation Methods Prototype
OIPAusers now have the option to employ several new allocation methods.
Prototype Prerequisites
- The policy whose allocations are being configured must be in "Pending" status.
- The policy must exist with an Account Value allocated in at least two funds.
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The policy must belong to a plan with the Plan Allocation Method set to “Model Supported.”
Prototype Explanation
The following business rules and transactions were configured in the Model Prototype Plan, located within the Prototype Company, to demonstrate this new functionality.
Business Rules
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PolicyAllocationScreen: This business rule controls the allocation methods available to a policy. To view the prototype configuration, navigate in the Main Explorer to Companies | Prototype Company | Plans | Model Prototype Plan | Plan Rules | PolicyAllocationScreen and click on the XMLSource pane. The key configuration for this business rule is explained below.
- The list of available funds--configured within the <Funds> element--is configured to make the following funds available:
- BigPlus Large Cap Growth
- Finlux Short Treasury Bond Fund
- GS SmallCap Value
- Money Market Fund
- The list of available models--configured within the <Models> element--is configured to make the following models available:
- LifeStyleAggressive Portfolio
- LifeStyle Custom Portfolio
- The <Allocation> element has the ALLOWMIXEDMETHODS attribute set to "Yes" to allow multiple allocation methods to be used.
- The <AllocationMethods> element contains <AllocationMethod> elements that make the following allocation methods available:
- Percent
- Amount
- Units
- Mixed
- The list of available funds--configured within the <Funds> element--is configured to make the following funds available:
- TransactionAllocationScreen: This business rule controls the allocation methods available to a transaction, and is attached to the AllocationMethodSupport transaction. To view the prototype configuration, navigate in the Main Explorer to Companies | Prototype Company | Plans | Model Prototype Plan | Plan Rules | TransactionAllocationScreen and click on the XMLSource pane. The key configuration for this business rule is explained below.
The list of available funds--configured within the <Funds> element--is configured to make only funds that have a fund value on the policy available for selection.
- The list of available models--configured within the <Models> element--is configured to make the following models available:
- LifeStyle Aggressive Portfolio
- LifeStyle Custom Portfolio
- The <Allocation> element has the ALLOWMIXEDMETHODS attribute set to "Yes" to allow multiple allocation methods to be used.
- The <AllocationMethods> element contains <AllocationMethod> elements that make the following allocation methods available:
- Percent
- Amount
- Units
- Mixed
Transactions
- AllocationMethodSupport: This policy-level financial transaction has the TransactionAllocationScreen rule attached. The attached rule is configured to display an Allocation tab for this transaction, where a user can select either mixed allocation methods or a specific allocation method. To view the prototype configuration, navigate in the Main Explorer to Companies | Prototype Company | Plans | Functional Prototype Plan | Transactions | ConfirmationPremium and click on the Fields pane. The key configuration for this transaction is explained below.
- The <Assignment> element has the TYPE attribute set to "Withdrawal," which will cause the transaction to withdraw fund values based on the transaction allocation details.
View Prototype in OIPA
- Log in to OIPA using the Prototype Company user ID and password.
- Open a policy in "Pending" status or create a new policy. The policy should belong to a plan that uses the Model Supported allocation method. If creating a new policy, the PremiumWithAllocation activity can be used to apply the premium to multiple funds.
- Select Allocations from the menu on the left side of the screen.
- Note that each allocation's Allocation Method drop-down box has Percent, Amount, Units and Mixed available for selection.
- Note that if Mixed is chosen from the Allocation Method drop-down box, the Method drop-down box has Percent, Amount and Units available for selection. If Percent, Amount or Units is selected, note that each field in the Mixed column changes to reflect the allocation method chosen.