Individual Condition
A condition in a condition group that applies only to one contract, unlike the standard condition. An individual condition cannot be independent of a contract.
If individual conditions are allowed in the contract, the system creates a condition list. This condition list has the following characteristics:
It contains the Individual Condition checkbox.
It belongs to a condition group type.
It has a validity period.
It is valid for a particular usage.
A contract can have more than one individual condition that corresponds to a condition list.
You define individual conditions in the contract editing of your application on the Financial Conditions
tab page by changing a standard condition for an individual contract.
You can create individual conditions for a contract in contract processing. This is independent of the standard conditions defined for a product. Individual conditions enable you to agree upon individual conditions for a product with your customer and to define these in the contract.
Note
For information about how to create individual conditions, see Editing Financial Conditions.
You can select a checkbox in the condition group type to specify that correspondence be automatically generated when you create or change the individual condition. The system creates correspondence only for individual conditions however. You can deselect the checkbox when you edit the contract.
You can use an archiving object from the application to archive individual conditions. In Account Management
, for example, you can use archiving object INDCOND.
Integration
An individual condition can have the following effects on the standard condition:
The individual condition overwrites the standard condition.
An individual condition overwrites a standard condition that is currently valid. During the validity period of the individual condition, the standard condition is hidden for a particular contract and the system uses the individual condition to calculate the condition.
If the validity period of the individual condition is limited by a
Valid-To Date
, the standard condition or a subsequent individual condition apply after the validity period has expired.If you define the individual condition as a zero condition (a type of condition), its value is zero. Since the individual condition still overwrites the standard condition, the system does not calculate anything for the validity period of the individual condition.
The following graphic shows this in relation to the timescale:
The system adds the individual condition to the standard condition.
If you define the individual condition as a markup condition, it is added as a percentage or fixed markup or markdown to the standard condition.
For more information about markup conditions, see Editing Markup Conditions.
Example
The standard debit interest rate for a junior checking account is to be 10.50 % p.a. The interest rate is to apply as of 02/01/2002. A limit has not been set for the validity period. The contract currency is EUR.
Standard Condition
Condition description |
Debit interest for junior checking account |
Currency |
EUR |
Valid from |
02/01/2002 |
Interest calculation method |
act/360 |
Percentage |
10.5 |
The debit interest for Peter Miller is different, and is to be only 9 % p.a.
Individual condition for Peter Miller
Condition description |
Debit interest for junior checking account for Peter Miller |
Currency |
EUR |
Valid from |
03/01/2002 |
Interest calculation method |
act/360 |
Percentage rate |
9.0 |