{
  "tool_id": "art-252-validate-cat-bond-trigger-terms",
  "note": "Cat bond trigger term validation. Vector 1: attachment breached, pro-rata within layer. Vector 2: below attachment (BELOW_ATTACHMENT). Vector 3: at exactly attachment point.",
  "vectors": [
    {
      "name": "within_layer_pro_rata",
      "description": "$1B cat bond: $500M attachment, $1B exhaustion, $500M layer. Reported loss $750M breaches attachment. Pro-rata payout = (750M-500M)/(1B-500M) * 500M = 250M. Swiss Re 2025 industry loss trigger pattern.",
      "policy_parameters": {
        "reported_loss": 750000000,
        "attachment_point": 500000000,
        "exhaustion_point": 1000000000,
        "coverage_amount": 500000000,
        "pro_rata_enabled": true
      },
      "output_payload": {
        "attachment_breached": true,
        "exhaustion_reached": false,
        "payout_amount": 250000000,
        "pro_rata_factor": 0.5,
        "layer_position": "WITHIN_LAYER",
        "layer_width": 500000000,
        "excess_above_attachment": 250000000,
        "terms_valid": true,
        "coverage_amount_used": 500000000,
        "implied_coverage": 500000000,
        "cascade_attachment_check": null,
        "issues": [],
        "table_version": "CAT-BOND-TRIGGER-TERMS-V1.0-2025",
        "table_source": "ISDA/IAIS cat bond trigger definitions; Swiss Re sigma 1/2024; ARTEMIS.bm cat bond market data Q1 2026; NAIC catastrophe bond guidelines",
        "regulatory_basis": "ISDA/IAIS cat bond trigger definitions; Swiss Re sigma cat bond trigger methodology (indemnity / industry loss index / parametric / modelled loss). Layer arithmetic per standard IAIS ICP 13 reinsurance principles.",
        "pii_note": "ZERO PII: layer terms and aggregate loss amounts only. No policyholder, claimant, or event-specific personal data enters this kernel.",
        "not_legal_advice": "Not legal or actuarial advice. Final payout determination requires review of the controlling bond indenture and independent loss verification."
      },
      "golden_hash": "5363f0b4070f393385271ae37f3dbcf739781a766ce464996bdb718d37f4eca7"
    },
    {
      "name": "below_attachment_no_payout",
      "description": "Reported loss $400M below $500M attachment point. No cat bond payment triggered. Layer position BELOW_ATTACHMENT. Checks zero-payout path.",
      "policy_parameters": {
        "reported_loss": 400000000,
        "attachment_point": 500000000,
        "exhaustion_point": 1000000000,
        "coverage_amount": 500000000,
        "pro_rata_enabled": true
      },
      "output_payload": {
        "attachment_breached": false,
        "exhaustion_reached": false,
        "payout_amount": 0,
        "pro_rata_factor": 0,
        "layer_position": "BELOW_ATTACHMENT",
        "layer_width": 500000000,
        "excess_above_attachment": 0,
        "terms_valid": true,
        "coverage_amount_used": 500000000,
        "implied_coverage": 500000000,
        "cascade_attachment_check": null,
        "issues": [],
        "table_version": "CAT-BOND-TRIGGER-TERMS-V1.0-2025",
        "table_source": "ISDA/IAIS cat bond trigger definitions; Swiss Re sigma 1/2024; ARTEMIS.bm cat bond market data Q1 2026; NAIC catastrophe bond guidelines",
        "regulatory_basis": "ISDA/IAIS cat bond trigger definitions; Swiss Re sigma cat bond trigger methodology (indemnity / industry loss index / parametric / modelled loss). Layer arithmetic per standard IAIS ICP 13 reinsurance principles.",
        "pii_note": "ZERO PII: layer terms and aggregate loss amounts only. No policyholder, claimant, or event-specific personal data enters this kernel.",
        "not_legal_advice": "Not legal or actuarial advice. Final payout determination requires review of the controlling bond indenture and independent loss verification."
      },
      "golden_hash": "a22bd6334eb615ffa642db5844a8dd140f69a9dc0e9329d8052cc9151d8df110"
    },
    {
      "name": "above_exhaustion_full_payout",
      "description": "Reported loss $1.2B exceeds $1B exhaustion point. Full $500M cat bond layer paid out. Checks exhaustion path and pro_rata_factor = 1.",
      "policy_parameters": {
        "reported_loss": 1200000000,
        "attachment_point": 500000000,
        "exhaustion_point": 1000000000,
        "coverage_amount": 500000000,
        "pro_rata_enabled": true
      },
      "output_payload": {
        "attachment_breached": true,
        "exhaustion_reached": true,
        "payout_amount": 500000000,
        "pro_rata_factor": 1,
        "layer_position": "ABOVE_EXHAUSTION",
        "layer_width": 500000000,
        "excess_above_attachment": 700000000,
        "terms_valid": true,
        "coverage_amount_used": 500000000,
        "implied_coverage": 500000000,
        "cascade_attachment_check": null,
        "issues": [],
        "table_version": "CAT-BOND-TRIGGER-TERMS-V1.0-2025",
        "table_source": "ISDA/IAIS cat bond trigger definitions; Swiss Re sigma 1/2024; ARTEMIS.bm cat bond market data Q1 2026; NAIC catastrophe bond guidelines",
        "regulatory_basis": "ISDA/IAIS cat bond trigger definitions; Swiss Re sigma cat bond trigger methodology (indemnity / industry loss index / parametric / modelled loss). Layer arithmetic per standard IAIS ICP 13 reinsurance principles.",
        "pii_note": "ZERO PII: layer terms and aggregate loss amounts only. No policyholder, claimant, or event-specific personal data enters this kernel.",
        "not_legal_advice": "Not legal or actuarial advice. Final payout determination requires review of the controlling bond indenture and independent loss verification."
      },
      "golden_hash": "e34d47457cb5acb1aef50aa7d4b36a9ca6cafa3a3fe6ebc9d7954428602a9294"
    }
  ]
}