I have reviewed the UL model reg (USA) & other online sources and can’t find a definitive answer to this:
In UL non-forfeiture testing, generally non-level administrative expenses (whether these are per policy, per 1000, or percent of premium) must be considered in the setting of maximum allowed surrender charges. For NF testing, do I need to test only Guaranteed expense charges or do I also need to test the Non-Guaranteed/Current charges too?
Put another way: if my guaranteed expense charges are level, but current charges are non-level, does this reduce the amount of my surrender charges?
In UL non-forfeiture testing, generally non-level administrative expenses (whether these are per policy, per 1000, or percent of premium) must be considered in the setting of maximum allowed surrender charges. For NF testing, do I need to test only Guaranteed expense charges or do I also need to test the Non-Guaranteed/Current charges too?
Put another way: if my guaranteed expense charges are level, but current charges are non-level, does this reduce the amount of my surrender charges?
Universal Life Non-forfeiture testing
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