Chapter 32 - Policy data checks Flashcards
1
Q
How can a data reconciliation check be carried out?
A
Data at previous investigation + business come onto the books - business gone off the books = data at current investigation
2
Q
Data that can be checked for non-unitised business
A
- The number of contracts
- The basic sum assured - or the equivalent benefit depending on the nature of the contract
- The office premium
- For with-profits contracts, the amount of any attaching bonuses
3
Q
Data that can be checked for unitised business
A
- The number of contracts
- The number of units actually allocated, sub-divided by unitised fund
- Current premium payable
- Current benefits available, eg amount of death cover
4
Q
Checks should be made for unusual values such as
A
- Very large or zero unit values under unitised contracts
- Impossible dates of birth or retirement ages or start dates