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[lmi-commits] [lmi] master eb0729d 01/10: Refine documentation
From: |
Greg Chicares |
Subject: |
[lmi-commits] [lmi] master eb0729d 01/10: Refine documentation |
Date: |
Thu, 11 Mar 2021 21:12:34 -0500 (EST) |
branch: master
commit eb0729d8e50cf235f37c722369a938f29ef41744
Author: Gregory W. Chicares <gchicares@sbcglobal.net>
Commit: Gregory W. Chicares <gchicares@sbcglobal.net>
Refine documentation
---
i7702.cpp | 22 +++++++++++++---------
1 file changed, 13 insertions(+), 9 deletions(-)
diff --git a/i7702.cpp b/i7702.cpp
index 45b45df..aaf34f0 100644
--- a/i7702.cpp
+++ b/i7702.cpp
@@ -82,26 +82,25 @@
/// A1: GSP only (A0 + 2% in current statute)
///
/// B: contractual guarantees
-/// Bgen: unloaned general acct (specified by contract)
-/// Bsep: separate acct (generally 0%, thus without effect)
-/// Bflr: loaned, fixed rate (max net = charged - credited)
-/// Bvlr: loaned, variable rate (max net, ascertainable from contract)
+/// for loans: charged - spread
+/// usually no guarantee for separate account, making Bsep zero
///
/// C: initial short-term guarantees
-/// good product design usually avoids creating any
+/// usually altogether avoided by careful product design
/// variable loan rate may cause Cvlr to be nonzero
-/// always zero in practice for lmi (which doesn't yet implement VLR)
+/// always zero in practice for lmi, which doesn't yet implement VLR
///
/// D: asset-based charges
/// lowest value each year, if dependent on assets, premiums, etc.
+/// separate-account-only charges affect only Dsep
///
/// E: NAAR discount (given here as i, the annual rate of interest)
/// often specified in contract as Bgen upper 12 / 12
-/// for 7702, must be rounded up, if at all
-/// if it was rounded down, Bgen governs instead
+/// if monthly contract factor rounded down, Bgen governs instead
+/// (slightly better 7702 outcome in that case)
/// but some policies do not discount NAAR
/// in which case E uniformly equals zero
-/// lmi therefore asserts that either E=0 or E materially equals Bgen
+/// an assertion checks that either E=0 or E materially equals Bgen
///
/// Exhaustive list of use cases:
/// {GLP; GSP; CVAT NSP and corridor; ยง7702A NSP; 7PP; DCV}
@@ -130,6 +129,10 @@
/// be double-counted; thus, DCV correctly reflects any dependence of
/// such charges on asset or premium tiers, which D cannot do.
///
+/// For contracts that require an irrevocable choice, before delivery,
+/// between a fixed and a variable loan rate, the path not chosen need
+/// not be considered.
+///
/// Idea not implemented: optionally set all ig* equal to E. The SOA
/// textbook (page 52) supports treating it as "a contractual element
/// that is not an interest rate guaranteed on issue of the contract"
@@ -198,6 +201,7 @@ i7702::i7702
// reflected in the 7702 interest rates (excluding the GLP rate).
std::vector<double> av_load;
+ // 7702 !! DB_CurrAcctValLoad is sepacct only
database_.query_into(DB_CurrAcctValLoad, av_load);
if
( database_.query<bool>(DB_AllowSepAcct)
- [lmi-commits] [lmi] master updated (986ba37 -> 5d0c118), Greg Chicares, 2021/03/11
- [lmi-commits] [lmi] master eb0729d 01/10: Refine documentation,
Greg Chicares <=
- [lmi-commits] [lmi] master 8b21622 05/10: Conditionalize sepacct load consistently, Greg Chicares, 2021/03/11
- [lmi-commits] [lmi] master 7b84df9 08/10: Move a commentary paragraph, Greg Chicares, 2021/03/11
- [lmi-commits] [lmi] master 55b91b6 09/10: Discuss monthly vs. annual rates, for ig especially, Greg Chicares, 2021/03/11
- [lmi-commits] [lmi] master 469b63a 02/10: Expunge needless data members, Greg Chicares, 2021/03/11
- [lmi-commits] [lmi] master 3b39e4e 03/10: Add new i7702 members, Greg Chicares, 2021/03/11
- [lmi-commits] [lmi] master 11041f1 06/10: Simplify an idiosyncratic gnarl, Greg Chicares, 2021/03/11
- [lmi-commits] [lmi] master 5d0c118 10/10: Refactor, Greg Chicares, 2021/03/11
- [lmi-commits] [lmi] master e9a5eb0 04/10: Replace some local variables with members, Greg Chicares, 2021/03/11
- [lmi-commits] [lmi] master 0d51b6d 07/10: Refactor, Greg Chicares, 2021/03/11