Hi there If a company sells a Whole Life Assurance policy but with annually review-able premiums (in the contract) does that mean we can only take the premiums up to the end of year 1 when calculating the BEL? Kind regards
Hi Chinj, I think we can set the contract boundary at 1 year if the company can amend the benefit or premium without limit at the 1 year point. Other possible conditions that may justify a contract boundary at the 1 year point are if the company can: -unilaterally terminate the contract; or -refuse to accept a premium Please also see the link below. https://eiopa.europa.eu/Publications/Guidelines/Contract_boundaries_Final_document_EN.pdf Best Regards, Mandla
