What is the difference between Policy Year and Product Age?

[Wduwdu1]

Are they the same?I assume no, but what is the difference between them then? Thanks!

[Abused Student]

As listed, I would assume the Policy Year would be the year the policy is in and Product Age would be how long since that product was rolled out. They would be different because not all policies are issued in the first year of the product.

[Patience]

I have never used product age - but duration

and in that case one would be the year the policy was effective and the other the count to the report date.

depending on the month, the same Policy years could produce different durations

if this is not the same as duration - please ignore this post

[Wduwdu1]

They are both related to expenses, and usually there is no "product age" expenses, but there usually are "policy year " expenses.

[Abused Student]

I would think it would be like what I said. A product that was rolled out in 2010 would have a product age of 2 years. I could see how companies might want to change expenses based on how long the product has been on the market.

[Wduwdu1]

I could see how companies might want to change expenses based on how long the product has been on the market.

Can you please give an example?say product age expenses drop or increase as time elapes? and why?Thanks

[mjb]

I think I figured out what you're actually asking. Are you looking at the column definitions in an AXIS expense table? In this context, product age means the issue age of the policy (or equivalent single age if you're looking at a joint plan).
This answer can be found in the AXIS help.

[Wduwdu1]

I think I figured out what you're actually asking. Are you looking at the column definitions in an AXIS expense table? In this context, product age means the issue age of the policy (or equivalent single age if you're looking at a joint plan).
This answer can be found in the AXIS help.

You got it! Yes, I got the question from AXIS. Thanks a lot for your great help!

[JMO]

I think I figured out what you're actually asking. Are you looking at the column definitions in an AXIS expense table? In this context, product age means the issue age of the policy (or equivalent single age if you're looking at a joint plan).
This answer can be found in the AXIS help.

:iatp:

[Wduwdu1]

1. AXIS case study 1 of the general liability training says: "pricing a new product", so the product age should be zero, but they are not zero (the product ages range from 20 to 65). I have asked GGY for help.

2. I think I figured out what you're actually asking. Are you looking at the column definitions in an AXIS expense table? In this context, product age means the issue age of the policy (or equivalent single age if you're looking at a joint plan).
This answer can be found in the AXIS help.
What is the "issue age of the policy" please? Could you please explain in a little more detail? or give an example please? Thanks!

[ShakeNBakes]

This answer can be found in the AXIS help.

this sentence can answer 99% of the threads this guy starts... just sayin'

[ShakeNBakes]

1. AXIS case study 1 of the general liability training says: "pricing a new product", so the product age should be zero, but they are not zero (the product ages range from 20 to 65). I have asked GGY for help.

2.
What is the "issue age of the policy" please? Could you please explain in a little more detail? or give an example please? Thanks!
issue age of the person purchasing the policy. the range from 20 to 65 should have been a dead giveaway

[Wduwdu1]

issue age of the person purchasing the policy. the range from 20 to 65 should have been a dead giveaway

1. That is what I am guessing, and just wanted to confirmed by you guys, the actuarial peers.

2. So it actually should be called "policy hoder age", instead of the "product age" which is misleading. Right?

Thanks!