IPTM3540 - Calculating gains: part surrenders and part assignments: 바카라 사이트˜periodic calculations바카라 사이트™ and 바카라 사이트˜excess events바카라 사이트™: general
The following rules apply where
- a part of, or share in, the rights under a policy or contract is surrendered, or
- a part of, or share in, the rights under a policy or contract is assigned for money or money바카라 사이트™s worth.
A calculation is made at the end of the 바카라 사이트˜insurance year바카라 사이트™ - see IPTM3505 - in which the surrender or assignment occurs to determine whether a gain has arisen and, if so, its amount.
These events may variously be described as part surrenders, part withdrawals, or an 바카라 사이트˜excess바카라 사이트™. The meaning of 바카라 사이트˜excess바카라 사이트™ is described at IPTM3555. Sometimes the term 바카라 사이트˜allowable aggregate바카라 사이트™ is encountered which refers to the 5% allowable element rule discussed at IPTM1510 and IPTM3560.
There is a practical explanation of how 바카라 사이트˜excess events바카라 사이트™ arise, with examples, at IPTM7615 onwards.