diff --git a/R/InsuranceParameters.R b/R/InsuranceParameters.R
index 3f0b087f3427da58bff9d85ab83361ade6cae4ff..1670c51407696f778dc2a22bb3af37892a1f8ab8 100644
--- a/R/InsuranceParameters.R
+++ b/R/InsuranceParameters.R
@@ -374,6 +374,19 @@ InsuranceContract.Values = list(
#' included in the Zillmer premium calculation}
#' \item{\code{$alphaRefundLinear}}{Whether the refund of alpha-costs on
#' surrender is linear in t or follows the NPV of an annuity}
+#' \item{\code{$useUnearnedPremiums}}{Whether unearned premiums should be
+#' reported in the balance sheet reserves. Otherwise, a premium
+#' paid at the beginning of the period is added to the reserve at
+#' that time for balance-sheet purposes.
+#'
+#' For regular premiums, the default is TRUE, i.e. the balance-sheet
+#' reserve at time $t$ does not include the premium paid at time
+#' $t$, but unearned premiums are included in the balance sheet
+#' reserves. For single-premium contracts, there are no "unearned"
+#' premiums, but the initial single premium is added to the reserve
+#' immediately for balance-sheet purposes. In particular, the
+#' balance sheet reserve at time $t=0$ is not 0, but the
+#' premium paid. In turn, no unearned premiums are applied.}
#' }
#'
#' ## Elements of sublist \code{InsuranceContract.ParameterDefault$ProfitParticipation}
@@ -490,9 +503,10 @@ InsuranceContract.ParameterDefaults = list(
premiumFrequencyLoading = list("1" = 0.0, "2" = 0.0, "4" = 0.0, "12" = 0.0), # TODO: Properly implement this as a function
alphaRefundPeriod = 5 # How long acquisition costs should be refunded in case of surrender
),
- Features = list( # Special cases for the calculations
+ Features = list( # Special cases for the calculations
betaGammaInZillmer = FALSE, # Whether beta and gamma-costs should be included in the Zillmer premium calculation
- alphaRefundLinear = TRUE # Whether the refund of alpha-costs on surrender is linear in t or follows the NPV of an annuity
+ alphaRefundLinear = TRUE, # Whether the refund of alpha-costs on surrender is linear in t or follows the NPV of an annuity
+ useUnearnedPremiums = isRegularPremiumContract # Whether unearned premiums should be calculated in the balance sheet reserves. Otherwise, a premium paid at the beginning of the period is added to the reserve for balance-sheet purposes.
),
ProfitParticipation = list(
@@ -510,7 +524,7 @@ InsuranceContract.ParameterDefaults = list(
terminalBonusRate = NULL,
terminalBonusFundRate = NULL,
- profitParticipationScheme = NULL, # Gewinnbeteiligungssystem (object of class Profit Participation)
+ profitParticipationScheme = NULL, # Gewinnbeteiligungssystem (object of class Profit Participation)
profitComponents = c(), # Potential values: "interest", "risk", "expense", "sum", "terminal", "TBF"
profitClass = NULL,
profitRates = NULL, # General, company-wide profit rates, key columns are year and profitClass
diff --git a/R/InsuranceTarif.R b/R/InsuranceTarif.R
index 12c485c37932ab7ee7ac3345ced8d56f6da88929..ba543518554a0637c9bf0588d7675da31bb31ebe 100644
--- a/R/InsuranceTarif.R
+++ b/R/InsuranceTarif.R
@@ -1118,32 +1118,41 @@ InsuranceTarif = R6Class(
factors = self$getBalanceSheetReserveFactor(method = params$ActuarialBases$balanceSheetMethod, params = params, years = years);
baf = factors$baf
factors$baf = NULL
- resZ_BS = (1 - baf) * reserves[,"Zillmer"] + baf * c(reserves[-1, "Zillmer"], 0);
- resGamma_BS = (1 - baf) * reserves[,"gamma"] + baf * c(reserves[-1, "gamma"], 0);
+
+ useUnearnedPremiums = valueOrFunction(params$Features$useUnearnedPremiums, params = params, values = values)
+ resN_BS = (1 - baf) * (reserves[,"net"] + if (!useUnearnedPremiums) values$premiumComposition[,"net"] else 0) + baf * c(reserves[-1, "net"], 0)
+ resZ_BS = (1 - baf) * (reserves[,"Zillmer"] + if (!useUnearnedPremiums) values$premiumComposition[,"Zillmer"] else 0) + baf * c(reserves[-1, "Zillmer"], 0)
+ resGamma_BS = (1 - baf) * (reserves[,"gamma"] + if (!useUnearnedPremiums) values$premiumComposition[,"gamma"] else 0) + baf * c(reserves[-1, "gamma"], 0)
res_BS = resZ_BS + resGamma_BS;
# Premium transfer / unearned premium:
- fact = valueOrFunction(params$ActuarialBases$unearnedPremiumsMethod, params = params, dates = factors$date)
- if (is.null(fact) || is.na(fact)) {
- freq = params$ContractData$premiumFrequency
- bm = month(params$ContractData$contractClosing)
+ if (useUnearnedPremiums) {
+ fact = valueOrFunction(params$ActuarialBases$unearnedPremiumsMethod, params = params, dates = factors$date)
+ if (is.null(fact) || is.na(fact)) {
+ freq = params$ContractData$premiumFrequency
+ bm = month(params$ContractData$contractClosing)
- fact = (month(factors$date) - bm + 12 + 1) %% (12/freq) * (freq/12)
- }
- # TODO: We have no vector of actual written premiums (implicit assumption
- # seems to be that the premium stays constant!). Once we have such a vector,
- # rewrite the following code
- unearnedPremiums = fact * values$cashFlows$premiums_advance * values$premiums[["written_beforetax"]] # TODO
- # If advance profit participation is granted, unearned premiums still apply to the whole gross premium without PP and partner rebate!
- ppScheme = params$ProfitParticipation$profitParticipationScheme;
- if (!is.null(ppScheme)) {
+ fact = (month(factors$date) - bm + 12 + 1) %% (12/freq) * (freq/12)
+ }
+ # TODO: We have no vector of actual written premiums (implicit assumption
+ # seems to be that the premium stays constant!). Once we have such a vector,
+ # rewrite the following code
+ unearnedPremiums = fact * values$cashFlows$premiums_advance * values$premiums[["written_beforetax"]] # TODO
+ # If advance profit participation is granted, unearned premiums still apply to the whole gross premium without PP and partner rebate!
+ ppScheme = params$ProfitParticipation$profitParticipationScheme;
+ if (!is.null(ppScheme)) {
partnerRebate = valueOrFunction(params$Loadings$partnerRebate, params = params, values = values);
advanceProfitParticipation = ppScheme$getAdvanceProfitParticipationAfterUnitCosts(params = params, values = values);
unearnedPremiums = unearnedPremiums / (1 - partnerRebate - advanceProfitParticipation);
+ }
+ } else {
+ # If reserves contain single-premium, no unearned premiums are shown in the balance sheet!
+ unearnedPremiums = 0
}
# Collect all reserves to one large matrix
res = cbind(factors,
+ "net" = pmax(resN_BS,0),
"Zillmer" = pmax(resZ_BS,0),
"gamma" = pmax(resGamma_BS,0),
"Balance Sheet Reserve" = pmax(res_BS,0),
diff --git a/R/exportInsuranceContract_xlsx.R b/R/exportInsuranceContract_xlsx.R
index 2a338f540659502e814bd5cc5c1b44ecc2e3a230..9c639facf8e028e5c4b5c50b1a60ac1f8d8e8b48 100644
--- a/R/exportInsuranceContract_xlsx.R
+++ b/R/exportInsuranceContract_xlsx.R
@@ -271,6 +271,8 @@ getContractBlockPremiums = function(contract) {
values
}
+#' Convert the multi-dimensional costs array to a data.frame for output to a file
+#'
#' @description Convert the cost values array to a tx15 matrix
#' @details Not to be called directly, but implicitly by the [InsuranceContract] object.
#' Convert the array containing cost values like cashflows, present
diff --git a/inst/Beispiele/Example_Endowment.R b/inst/Beispiele/Example_Endowment.R
index e70b8201743619901ef5251f01b41aababd80417..74d9aede5334792b91f846439c3cfa3b754387a3 100644
--- a/inst/Beispiele/Example_Endowment.R
+++ b/inst/Beispiele/Example_Endowment.R
@@ -1,4 +1,5 @@
library(LifeInsuranceContracts)
+library(MortalityTables)
################################################################### #
# DEFINITION TARIF ####
@@ -42,7 +43,7 @@ Tarif.Bsp = InsuranceTarif$new(
type = "endowment",
tarif = "BSP",
desc = "Gemischte Versicherung (Standardtarif)",
- #premiumPeriod = 1,
+ premiumPeriod = 1,
#alphaRefundLinear = FALSE,
mortalityTable = mort.AT.census.2011.unisex,
diff --git a/man/InsuranceContract.ParameterDefaults.Rd b/man/InsuranceContract.ParameterDefaults.Rd
index a16e49b2ec7da4f29ad37cd428f4d2f543e4c368..aee0e1f4126cd66a803284cb45ac956520fad62e 100644
--- a/man/InsuranceContract.ParameterDefaults.Rd
+++ b/man/InsuranceContract.ParameterDefaults.Rd
@@ -212,6 +212,19 @@ payment frequencies of more than once a year. Format is
included in the Zillmer premium calculation}
\item{\code{$alphaRefundLinear}}{Whether the refund of alpha-costs on
surrender is linear in t or follows the NPV of an annuity}
+\item{\code{$useUnearnedPremiums}}{Whether unearned premiums should be
+reported in the balance sheet reserves. Otherwise, a premium
+paid at the beginning of the period is added to the reserve at
+that time for balance-sheet purposes.\preformatted{ For regular premiums, the default is TRUE, i.e. the balance-sheet
+ reserve at time $t$ does not include the premium paid at time
+ $t$, but unearned premiums are included in the balance sheet
+ reserves. For single-premium contracts, there are no "unearned"
+ premiums, but the initial single premium is added to the reserve
+ immediately for balance-sheet purposes. In particular, the
+ balance sheet reserve at time $t=0$ is not 0, but the
+ premium paid. In turn, no unearned premiums are applied.\}
+}
+
}
}