claims_from_av

claims_from_av(t, kind)

Account value taken out to pay claim

The part of the claim amount that is paid from account value. The second parameter takes a string indicating the type of the claim, which is either "DEATH", "LAPSE" or "MATURITY".

Death benefit is denoted by "DEATH", is defined as:

av_pp_at(t, "MID_MTH") * pols_death(t)

When the account value is greater than the death benefit, the death benefit equates to the account value.

Surrender benefit as denoted by "LAPSE" is defined as:

av_pp_at(t, "MID_MTH") * pols_lapse(t)

As the surrender benefit is defined as account value less surrender charge, when there is no surrender charge the surrender benefit equates to the account value.

Maturity benefit as denoted by "MATURITY" is defined as:

av_pp_at(t, "BEF_PREM") * pols_maturity(t)

By default, the maturity benefit equates to the account value of maturing policies.

See also

• av_pp_at()

• pols_death()

• pols_lapse()

• pols_maturity()

prem_to_av claims_over_av