Seven-Pay Limit Screen
Compare cumulative premiums with caller-supplied seven-pay limits.
Description
A seven-pay limit screen compares cumulative premiums with supplied cumulative limits period by period.
A seven-pay limit screen compares cumulative premiums with supplied cumulative limits period by period. It returns the first strict breach.1
Compare cumulative premiums with caller-supplied seven-pay limits.
When to use Seven-Pay Limit Screen
Use this tool to compare cumulative premiums with caller-supplied seven-pay limits.
Prepare the supplied policy terms, dates, assumptions or recorded indicators requested. Keep monetary amounts on one currency basis and select the applicable thresholds separately.
How to use Seven-Pay Limit Screen and understand its results
- Prepare the supplied policy terms, dates, assumptions or recorded indicators requested. Keep monetary amounts on one currency basis and select the applicable thresholds separately.
- Enter cumulativePremiums, cumulativeSevenPayLimits using the field table and calculation rules, then run the tool.
- Read firstBreachYear, breachDetected, maximumExcess. The explanation below defines the units, signs, ordering and any flags or placeholder values.
- If the tool reports an input issue, correct the values and run it again. Apply the stated assumptions when interpreting a successfully returned result.
| Input field | Meaning | Value type; see rules below | Requirement |
|---|---|---|---|
| cumulativePremiums | Cumulative premiums (currency) | list of number | Required |
| cumulativeSevenPayLimits | Cumulative seven-pay limits (currency) | list of number | Required |
Enter nonempty aligned finite lists. Return one-based first-breach year, boolean and largest positive excess; zero year/excess mean no breach. Signed values, nonmonotone lists and lengths other than seven are accepted.
excess_i=premium_i−limit_i; breach if excess_i>0 Units, indexing, boundary conditions and exceptional cases are defined in the calculation rules above.
| Output field | Meaning | Value type |
|---|---|---|
| firstBreachYear | First breach year | integer; minimum: 0 |
| breachDetected | Breach detected | boolean |
| maximumExcess | Maximum excess (currency) | number; minimum: 0 |
{
"input": {
"cumulativePremiums": [
5000,
11000,
18000
],
"cumulativeSevenPayLimits": [
6000,
12000,
17500
]
},
"output": {
"firstBreachYear": 3,
"breachDetected": true,
"maximumExcess": 500
}
}Limitations and assumptions
No statutory limits are calculated, contract changes analyzed or modified-endowment tax status determined.
Numeric inputs must be finite. Follow the calculation-specific rules for overflow, underflow and exceptional cases. Lists are limited to 100,000 entries; the rules above may require smaller limits. Missing required fields, extra fields, wrong value types and violations of the calculation rules are input errors. A successfully returned false flag is an evaluated outcome; its meaning is explained above.
Alternative or Complementary methods
Use Contestability Window: Check an event date against a caller-supplied contestability window. For a complementary task, use Surrender Charge: Calculate annuity surrender charge after a free-withdrawal allowance.
References
-
Seven-Pay Limit Screen — tool.io
Similar or alternative tools
- Contestability Window
Check an event date against a caller-supplied contestability window.
- Surrender Charge
Calculate annuity surrender charge after a free-withdrawal allowance.