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InterestRateCalculation with RateChange Immediate Calculating Interest with Wrong Rate (Doc ID 2049902.1)

Last updated on AUGUST 07, 2017

Applies to:

Oracle Insurance Policy Administration J2EE - Version to [Release 9.6]
Information in this document applies to any platform.


On : version, Valuation

InterestRateCalculation with RateChange TYPE="Immediate" is calculating interest with wrong rate
There is a rate change as of 8/1/2017 where the interest rate changes from 0.0445 to 0.0505
There are financial activities on the policy for 7/31/2017 and 8/31/2017.
The 7/31/2017 is calculating correctly.
The 8/31/2017 should calculate from 7/31/2017 - 8/1/2017 e.g. 1 day at 0.0445 and then from 8/2/2017 - 8/31/2017 e.g. 30 days at 0.0505 but is calculating both at the new rate of 0.0505

Expect the 08/01/2017 calculation to be at the existing rate of .0445 not the new rate of .0505.

The issue can be reproduced at will with the following steps:
1. Configure a transaction which uses RateChange TYPE="Immediate"
2. Process a transaction (ex. Monthaversary) for the end of the month
3. Note the Rate change is applied one day earlier than expected

Due to this issue, interest rates are being calculated incorrectly..


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