IF Formula Used To Price Life Insurance Policies

Jun 20, 2009

I price life insurance policies and need a formalu for the following new Fund:

If the sum of the first two years of premium added to 10% of that total is equal to or less than 25% of the face amount, the case fits into the general parameter.

Here is what I have, but it isn't working:

=IF((U2+V2)*10%)+(U2+V2))

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Formula To Convert Gross Insurance Premium To Net Insurance Premium?

Mar 15, 2014

In Australia we calculate Insurance Premiums usually being a Base Premium, Plus Stamp Duty, Plus Fire Service Levy (FSL) Plus Goods & Services Tax (GST) - there is no GST on Stamp Duty, however Stamp Duty is calculated on the total of Base Premium (+ GST) Plus FSL (+ GST).

See below:
NET TO GROSS i.e. Base plus FSL, plus GST, plus Stamp Duty.
Base PremiumUnderwriter provides
Key in blue box onlyBase785.68
StateSA
TypeMotor
FSL0% 0
GST10% 78.57
Stamp11% 95.07
The total premiums is Total Premium959.32

We want the following formula/calculation to be able to just load a Gross/Total Premium figure and have excel calculate the base premium i.e. Total premium - Stamp Duty - GST - FSL
GROSS TO net

Total Premium
Key in Total Premium00
Stamp duty $- 11%
GST $- 10%
FSL $- 0%
The base premium isBase0.00.0.00

Formulae must allow for changes in % rates above (i.e. 11% stamp duty and 0% FSL may be different in each state and a potential change in the GSTrate) as these differ from each state and we need to show the actual amount of each component i.e. Stamp Duty, GST and FSL in the calculation.

Fire Services Levy (FSL) is calculated on a Base Premium plus GST (10%) - FSL varies from State to State, so we need to be able to input the relevant State % rate, GST is calculated on Base Premium (ex GST) plus FSL (ex GST), Stamp Duty is calculated upon Base Premium (plus GST), FSL (plus GST),

provide the respective formulae so that we can do this calculation ourselves using different rates and Total Premium figures.

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I already have this formula in the Column AT&AZ working out he value

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Private Sub Worksheet_Change(ByVal Target As Range)

stringvalue = Target.Value

statuschange = 0

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Currently...
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[url]

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