A Monthly Cap is a cap applied to an Index each month. The monthly movement of the Index is tracked and if the Index is positive for the month it is recorded up to the Monthly Cap. If it is negative, the full negative movement is recorded for that month. At the end of the year, you simply add up all the recorded returns for each month and that becomes the return for the year. If the total of each month ends up negative, then a zero is applied.
Call your FMO and ask them for a Highest Monthly Cap Report. You will have to also give them the basic sorting details such as: State, Carrier, Products, Term, Reset Period etc…
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