Insurance policies that have a term of 10, 20 or 30 years are entered in the Term Insurance data entry screen.
This screen has four data entry modes that are set using the Illustration Type drop down:
Death Benefit Only – Use this mode when only the death benefit of a policy is going to be entered, this is the simplest mode to use when adding a permanent insurance policy.
Simulation –This mode uses RazorPlan’s calculations to simulate a permanent life insurance policy.
Manual Entry – Use this mode when the cost of insurance (COI) is known and the goal is to model an existing term insurance policy. When selected the COI tab is displayed and accepts the cost of insurance data.
Import Data – This mode allows users to import a data file that has been exported from a life insurance illustration program.
After selecting an illustration type the data entry screen will change to display the fields that are needed for the selected type.
Policy Name: Enter a name of the insurance policy to identify it.
Insured: Specify who is being insured by selecting ‘Client’, ‘Spouse’ or ‘Joint’ from the drop-drown.
Smoker: Indicate if the client is considered a smoker for insurance purposes. Only select when insured is set to ‘Client’ or ‘Joint’.
Face Amount: Enter the face amount of the death benefit.
Policy Date: Enter the date the insurance policy was purchased.
Policy Type: Select ‘Term10’ if the policy is a 10 year term policy, select ‘Term 20’ for a 20 year term policy or ‘Term30’ if the policy has a 30 year term.
Termination Age: Enter the age that the term policy is terminated at.
Prem. Frequency: Select ‘Annual’ or ‘Monthly’ from the drop-down to define the frequency of insurance premiums.
Renewal Term: Select one of the four terms for renewal of the policy, option include ‘Term10’, ‘Term20’, ‘Term30’ and ‘Yearly Renewable Term’.
Renewal Type: Select ‘Guaranteed’ or ‘ReIssue’ from the drop-down to define the type of renewal at the end of the term.
To cancel adding the insurance policy click the 
button. The insurance policy is added to the plan when the 
button is clicked. After clicking this button, the insurance policy is displayed in the term insurance view screen. This screen displays the type of illustration and information about the premium and benefits. The Scenarios tab displays all scenarios that the policy is being included in the calculations.
After viewing the policy values click the button to return to Step 3 of the data entry wizard.
Need more help with this?
Contact Razor Support