Chapter 32 - Policy data checks

Question 1

How can a data reconciliation check be carried out?

Answer 1

Data at previous investigation + business come onto the books - business gone off the books = data at current investigation

Question 2

Data that can be checked for non-unitised business

Answer 2

• 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

Question 3

Data that can be checked for unitised business

Answer 3

• 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

Question 4

Checks should be made for unusual values such as

Answer 4

• Very large or zero unit values under unitised contracts
• Impossible dates of birth or retirement ages or start dates