Claims

LIRIS supports different claims types: Death, Maturity, Critical Illness and Invalidity claims. The user can define as many claims nature as needed but each claim nature must have one and only one of the following types: Death, Accidental Death, Suicide, Maturity, Critical Illness (dread decease) or Invalidity.

Reinsurance

The reinsurance is done by product / cover using the aggregate retention on a life insured. There can be a quota share treaty followed by several surplus treaties or an automatic treaty. Facultative and Financing reinsurance are also supported. There can be an unlimited number of reinsurers on a treaty.

For each product/cover the following can be defined:

• The first year commission rate
• The renewal commission rate
• The exception by insurance risk code
• The way the premium and ceded amount should be calculated

Reinsurance risk premiums can either be calculated by using formulae or tables and they are defined in the value generator (described earlier).