The Election & Lapse Probabilities topic in Projection Assumptions asks essentially the same questions as the Election & Lapse Probabilities topic in Valuation Assumptions. However, the election & lapse probabilities defined in Projection Assumptions represent the experience of the plan, from the initial valuation date to any future valuation date.

Actuarial gains or losses will occur when the plan’s experience differs from the valuation assumptions.

For details about coding the parameters for election & lapse assumptions, see the election & lapse probability discussion under the Election & Lapse Probabilities topic of the Valuation Assumptions command.