Ah, my line of country, insurance.
Some questions (details)
a) Do they not give you an annual statement? One that indicates increase
in "cash value".
b) I do not QUITE understand the guaranteed return of 0% UNLESS that is
increase in value OTHER than the component from "survivorship". If
including "survivorship" (the fact that you are now a year older --- you
did NOT die in the previous year) this would be a terrible product
compared to what where I used to work would offer. In other words, is
that 0% a guarantee on the "investment" component?
Assuming you get an annual statement, you could adjust manually at that
time. The asset would go under "fixed assets" and you are correct that
you would not be using the "price editor".
Michael D Novack FLMI
On 2/23/2019 6:54 AM, Andrea Borgia wrote:
Hello.
I have an insurance policy which works like this:
- after the initial payment, I could make additional payments, up to a
month ago, and I did.
- the company has to have 100% backing for the money received by
customers for this product, meaning all of them could theoretically
ask money back at the same time and it would be possible for the
company to reimburse the sums with no ill effects (so called "Gestione
Separata" in Italian)
- there is a revaluation guarantee at 0%: regardless of the
performance of the investments made by the company (typically a few
percent points per year), the worse it can happen is that I earn
nothing for one or more years; what is already consolidated from the
previous year, stays there.
- it's an insurance policy so there are additional benefits but those
are not relevant to my question.
Having said that, I wonder how to properly record the current value
for this investment: at the moment, the account type is "Attività "
(asset) and I have already recorded the commissions paid as costs. In
the meanwhile, one year has passed and the value has incresed.
I cannot use the price editor, because this product doesn't really
have shares like in the stock exchange or like managed investment
funds. I mean, I could change the account type but it would make no
sense to me.
Is there a way to do it with the price editor? I would need to record
a new total value, instead of a new commodity unit value.
Given the revaluation guarantee, I could simply record the difference
between the new and the previous values as a gain and be done with it.
Does it seem reasonable?
Thanks,
Andrea.
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