Document Verification
Once agreement has been reached on the gross purchase price for a policy, there
is still work required to close the deal. You will want to interact closely with
the broker, the provider, the escrow agent and the custodian. You will also want
to review the contract package carefully - this set of documents should cover all
aspects of the sale of the policy from the seller to the provider. Typically, the
contract package will total between 150 and 200 pages and may include between 15
and 20 separate documents.
ClearLife can manage this stage of the process for you. You determine the Document
Verification Checklist - the list of data points in each contract package which
you would like us to review. You can specify your own checklist or select from our
standard set of questions. Our analysts review the contract package in detail, specifically
focusing on:
- Content: are all of the documents specified in your Document Verification Checklist
contained in the contract package?
- Consistency: are all of the documents consistent? Do they refer to the same policy
and the same insured life or lives?
- Compliance: does the information contained in the contract package comply with your
standards?
The review process typically takes us around three business days. At the end of
the review, you will receive (via ClariNet™) a completed Document Verification Checklist
Report, which identifies any issues we discovered during our review of the contract
package. Armed with your Document Verification Checklist Report, you can work with
the other participants in the transaction process to address your concerns.