Rounding Method (UDPV Definitions)

EXACT

The term is the number of full years and calendar months between the two dates plus the remaining days at either end divided by the number of days in their respective months.

ROUND DOWN

Always round down to the specified decimal e.g. if number of decimals is 2 then R3.289 = R3.28, if number of decimals is 1 then R3.289 = R3.20

ROUND NORMAL

Round to the specified decimal e.g. if number of decimals is 2 then R3.447 = R3.45, if number of decimals is 1 then R3.447 = R3.40

ROUND UP

Always round up to the specified number of decimals e.g. if number of decimals is 2 then R3.226 = R3.23, if number of decimals is 1 then R3.226 = R3.30

YRS/MNTHS LAST

The term is the number of full years and calendar months between the two dates

YRS/MNTHS NEAR

The term is the number of full years and calendar months between the two dates plus, if the term has remaining days, 1 month is added if the remaining days in that month is greater or equal to the (days in that month / 2).

If the result is 12yrs, 10 months, 28 days Then YRS/MNTHS LAST would ALWAYS be 12yrs, 10 months. YRS/MNTHS NEXT would ALWAYS be 12yrs, 11months while YRS/MNTHS NEAREST would be 12yrs, 11months.

if the result is 12 yrs, 10months and 14days Then YRS/MNTHS LAST would ALWAYS be 12yrs and 10months. YRS/MNTHS NEXT would ALWAYS be 12yrs, 11 months while YRS/MNTHS NEAREST would be 12yrs, 10months.

YRS/MNTHS NEXT

The term is the number of full years and calendar months between the two dates plus, if the term has remaining days, 1 month is added.

NEAREST 0.05

For Products in countries where decimal places are rounded, any premium amounts collected via debit order and any payment values will have their financial transactions values rounded to the nearest 5 cents.