Assignment Types

The Rules Palette offers a variety of ways to assign money-in and money-out. Depending on the assignment chosen, the Rules Palette will require certain input and the Oracle Insurance Policy Administration system will process money in or out in a certain manner. A list of supported assignment types is given below.

• Apply: This is used to add premium. It allows a value to be passed that is either negative (removals) or positive (additions). The value passed is either added or subtracted from the current total value of the Money Type of this assignment.
• Apply by Fund: This is used to direct deposits to specific funds. Assignment fields must be positive.
• is: This is used for Unit assignments; for directed deductions where a unit deal may create a temporary negative fund balance.
• GrossFullWithdrawal : This assignment type removes the entire cash value. If the configuration has been set up to assess redemption fees, then the fees will be included in the withdrawal.
• GrossFullWithdrawalByUnitPercent: This is used for Unit Linked funds where pro-rated withdrawals are based on percentages of units.
• GrossFullWithdrawalWithAllocations: This is used for Unit Linked funds where deductions are specified by fund and once the balance of those funds are depleted, the remaining withdrawal amount is removed pro-rata from the remaining funds.
• GrossWithdrawal: This assignment type removes a specific amount, but not the entire cash value. If the configuration has been set up to assess redemption fees, then the fees will be included in the withdrawal.
• NetWithdrawal:This assignment type removes a specific amount. The withdrawal can only happen if the account has enough money to cover the withdrawal amount, plus an additional amount to cover any redemption fees.
• RemoveByFund: This is used to remove amounts from specific funds. Assignment fields must be negative.
• SplitPercentageRemoval: This assignment type removes a designated percentage from each undepleted deposit of each underlying fund belonging to a policy. Removals are performed pro-rata from each deposit, overriding the Removal Method Code and Removal Precedence parameters specified during fund setup.
• SplitPercentageApply: This assignment type is used to apply money removed from a contract by the SplitPercentageRemoval assignment type, either to the same group of funds or to a different group of funds.
• Switch: This is used for Unit Linked funds similar to the Transfer assignment type; however, this will support new transaction fee calculation attributes and use last known price during execution.
• Transfer : This assignment type transfers a specific amount from one or more ‘From’ funds to one or more ‘To’ funds. If the configuration has been set up to assess redemption fees, then the system will add the redemption fees to the requested transfer amount per source fund.
• Withdrawal : This is used to remove a specific amount or percent from Unit Linked funds.

A complete description of assignment types is provided in the XMLConfiguration Guide under Transaction Rules | Transaction Elements |Assignment Elements.