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

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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
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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
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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
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