The end goal is to use the same simulator to simulate either a universal life model or a term life model. There are a few differences between the two of course, but also lots of overlap, and in this way both types of model will benefit the same way from future improvements made to mortality and lapse models.
The end goal is to use the same simulator to simulate either a universal life model or a term life model. There are a few differences between the two of course, but also lots of overlap, and in this way both types of model will benefit the same way from future improvements made to mortality and lapse models.