diff --git a/R/InsuranceParameters.R b/R/InsuranceParameters.R
index b45794af91f156f9b50507a406ffe36cf81e058b..2cd20fd88b0c7830084f9add231f37472d2fe64c 100644
--- a/R/InsuranceParameters.R
+++ b/R/InsuranceParameters.R
@@ -361,20 +361,20 @@ InsuranceContract.ParameterDefaults = list(
technicalAge = NULL,
ageDifferences = NULL, # Age differences of all other insured relative to the first one, for joint live insurances
sex = "unisex", # Sex, to allow gender-sepecific pricing (e.g. different mortalities or age modification)
- policyPeriod = 25, # gesamte Vertragslaufzeit
+ policyPeriod = 25, # total policy duration (including deferral period, guaranteed annuity payments etd.)
premiumPeriod = NULL, # Default: policyPeriod, unless explicitly overridden
- deferralPeriod = 0, # Aufschubzeit bei Leibrenten
- guaranteedPeriod = 0, # Garantiezeit bei Leibrenten
+ deferralPeriod = 0, # deferral period for annuities
+ guaranteedPeriod = 0, # guaranteed payments for annuities
contractClosing = NULL, # Contract closing date (day/month is relevant for balance sheet reserves)
blockStart = 0, # When the current tariff block starts (main block starts a 0, dynamic increases start later!), only used by the parent block (i.e. t=0 of child is aligned with t=blockStart of parent)
- premiumPayments = "in advance", # Prämienzahlungsweise (vor-/nachschüssig)
- benefitPayments = "in advance", # Leistungszahlungsweise (vor-/nachschüssig)
+ premiumPayments = "in advance", # premium payments in advance or arrears
+ benefitPayments = "in advance", # benefit payments in advance or arrears (annuities!)
- premiumFrequency = 1, # Anzahl der Prämienzahlungen pro Jahr
- benefitFrequency = 1, # Anzahl der Leistungszahlungen pro Jahr (bei Renten, bzw. bei ALV Leistung am Ende des k-ten Teil des Jahres)
+ premiumFrequency = 1, # number of premium payments per year
+ benefitFrequency = 1, # number of benefit payments per year (for annuities) or death benefit at the end of every 1/k-th year
- widowProportion = 0, # Witwenübergang (Anteil an VS des VN)
+ widowProportion = 0, # widow transition factor (on sum insured)
deathBenefitProportion = 1, # For endowments: Proportion of the death benefit relative to the life benefit
premiumRefund = 0, # Proportion of premiums refunded on death (including additional risk, e.g. 1.10 = 110% of paid premiums)
premiumIncrease = 1, # The yearly growth factor of the premium, i.e. 1.05 means +5% increase each year; a Vector describes the premiums for all years
@@ -382,7 +382,7 @@ InsuranceContract.ParameterDefaults = list(
deathBenefit = 1 # The yearly relative death benefit (relative to the initial sum insured); Can be set to a function(len, params, values), e.g. deathBenefit = deathBenefit.linearDecreasing
),
ContractState = list(
- premiumWaiver = FALSE, # Vertrag ist prämienfrei gestellt
+ premiumWaiver = FALSE, # contract is paid-up
surrenderPenalty = TRUE, # Set to FALSE after the surrender penalty has been applied once, e.g. on a premium waiver
alphaRefunded = FALSE # Alpha costs not yet refunded (in case of contract changes)
),
@@ -402,14 +402,14 @@ InsuranceContract.ParameterDefaults = list(
Loadings = list( # Loadings can also be function(sumInsured, premiums)
ongoingAlphaGrossPremium = 0, # Acquisition cost that increase the gross premium
tax = 0.04, # insurance tax, factor on each premium paid
- unitcosts = 0, # Annual unit cost for each policy (Stückkosten), absolute value (can be a function)
+ unitcosts = 0, # Annual unit cost for each policy, absolute value (can be a function)
security = 0, # Additional security loading on all benefit payments, factor on all benefits
noMedicalExam = 0, # Loading when no medicial exam is done, % of SumInsured
noMedicalExamRelative = 0, # Loading when no medicial exam is done, % of gross premium
sumRebate = 0, # gross premium reduction for large premiums, % of SumInsured
extraRebate = 0, # gross premium reduction for any reason, % of SumInsured
premiumRebate = 0, # gross premium reduction for large premiums, % of gross premium # TODO
- partnerRebate = 0, # Partnerrabatt auf Prämie mit Zu-/Abschlägen, wenn mehr als 1 Vertrag gleichzeitig abgeschlossen wird, additiv mit advanceBonusInclUnitCost and premiumRebate
+ partnerRebate = 0, # Partner rabate on premium (including loading and other rebates) if more than one similar contract is concluded
extraChargeGrossPremium = 0, # extra charges on gross premium (smoker, leisure activities, BMI too high, etc.)
benefitFrequencyLoading = list("1" = 0.0, "2" = 0.0, "4" = 0.0, "12" = 0.0), # TODO: Properly implement this as a function
premiumFrequencyLoading = list("1" = 0.0, "2" = 0.0, "4" = 0.0, "12" = 0.0) # TODO: Properly implement this as a function
@@ -420,8 +420,8 @@ InsuranceContract.ParameterDefaults = list(
),
ProfitParticipation = list(
- advanceProfitParticipation = 0, # Vorweggewinnbeteiligung (%-Satz der Bruttoprämie)
- advanceProfitParticipationInclUnitCost = 0, # Vorweggewinnbeteiligung (%-Satz der Prämie mit Zu-/Abschlägen, insbesondere nach Stückkosten)
+ advanceProfitParticipation = 0, # advance profit participation (percentage of gross premium)
+ advanceProfitParticipationInclUnitCost = 0, # advance profit participation (percentage of premium including unit cost and all charges and rebates)
waitingPeriod = NULL,