- All incoming policies will be reviewed upon arrival for possible insurance fraud. The Procedure will involve the following:
- Life Settlement broker will attempt to obtain the original insurance application form from the Applicant.
- The Life Settlement broker will compare every file’s application for Life Settlement, medical records and the original insurance application for possible material inconsistencies.
“Material Inconsistency” would mean:
- A difference between the diagnosis date reported by the applicant’s medical records and the diagnosis date in the original Insurance Application.
- A difference between the medical visitation record or hospitalization record or medication record of the applicant as reported on the application and the same information as reported by the insurer on the original Insurance Application.
- Any indication that the applicant has been declined for health insurance or life insurance that is noted on our application which is not noted on the original application for insurance.
- A difference between any physician’s name reported in the medical records as the treating physician at the time of diagnosis and the physician attending the applicant on the original insurance application.
If there are “material inconsistencies” between the two documents, the file will be declined with a report for filing with the Department of Commerce and Consumer Affairs and notification to the life settlement provider.