Policy Servicing
You've purchased a life insurance policy through a life settlement - what next?
Well, like many other financial assets, a life insurance policy requires "care
and feeding" through competent, careful servicing, if you are to ensure that
you reap the benefits of ownership.
Our servicing process ensures that information associated with that policy is captured
and stored centrally - be it an annual report from the carrier or an updated life
expectancy report on the insured. As with all of our other services, we administer
our serviced policies through ClariNet™, which will provide you with centralized
access to all information on your policy - whether that information has been generated
by us, by your custodian or by another service provider which offers services through
ClariNet™.
When you first approach us to service life insurance policies acquired through life
settlements, we will agree with you the exact procedures for servicing - everything
from the frequency with which premium payments are made to the company responsible
for tracking health information on the lives insured by that policy. We will establish
procedures to capture information concerning your policy received from the carrier
- anything from premium notices through to lapse and grace notices - and we will
set rules as to how to respond to that information - which may consist just of filing
away the premium notices, but should involve an urgent notification to you and your
paying agent in the case of a lapse notice or grace notice.
You may decide that you want to review account value and cash surrender value information
every month, or you may decide to review it once a year when you receive the annual
statement. In either case, our analysts will contact the carrier on your behalf
to request the information and will, should you wish, propose revisions to your
optimized minimum premium schedule if warranted by the updated information.
We will maintain information on the specified contacts for each insured within ClariNet™.
We will update contact details as new information is received and will work with
you and your chosen health status tracking company to maintain health status information
over time. We will also, if you wish and subject to the availability of a current,
signed HIPAA release form, order updated medical records and updated life expectancy
reports for you, at such times as you wish.
As a servicing customer of ClearLife, you will have access to all servicing information
through ClariNet™, whether generated by us or by your other service providers. We
can make information available to you in redacted or unredacted form, so that you
can limit the flow of personal information to your staff and maintain privacy. You
also benefit from ClariNet™'s redundant infrastructure and multiple sites, providing
greater security for your policy information and servicing data.