Why an insurance audit?
BECAUSE WE BELIEVE THAT TRUTH AND INTEGRITY ARE THE BEST FORMS OF FINANCIAL ADVICE:
There are many reasons why an insurance audit is required. This includes:
1. Ownership transfer where the buyer and seller are not dealing at arm's lenght and the FMV will determine whether there is a taxable benefit. (i.e. Corporate setttlement)
2. Ownership transfer where the buyer and seller are dealing at arm's lenght and where both seller and buyer are interested in determining the value of the policy such as in a charitable donation or viatical settlement.
3. The policy did not perform as expected based on what was sold and the policy owner believes he was the victim of an error, omission or fraud.
4. Estate planning/business succession planning.
5. Marriage breakdown
Beware of the experts!
Are you considering a legal action against a life insurance company? You should read this carefully.
We have reviewed hundreds of civil lawsuits against life insurance companies involving policy owners who have lost sustancial amount of money by investing into Universal Life. Most policy owners have failed to win against the life insurers even if their claims were valid.
Often, an expert is hired by each party to provide a expert evidence in the form of a report to the trial judge. This expert may cost up to $40,000. Insurance companies have no problems is hiring an expert. For the policy owner, this is a difficult task. Where do you find an expert who is not closely tied to the insurance industry and who will not be in a conflict of interest.
These experts having worked previously for insurance companies and maybe under several confidentiality agreements signed with different insurance companies
These experts have themselves used the same sales techniques that have led to the loss of money
These experts are in transition and trying to find a position with a new insurance company and unwilling to burn bridges, will water down their report in favor of the insurance company.
As a result, thse experts fail in their duty towards the Court and the trial judge is denied access to critical information that would favor the policy owner. This is why policy owner fail to prove their claims.
Why should you order an audit prior starting a civil action?
Through the audit you will know exactly if anything was done wrong at time of sale or during the servicing period
This will provide a guide to your legal representative in presenting your case. Lawyers know the law but know little of insurance and insurance regulations.
Will help you quantify the amount of losses associated with your claim
We will provide you our expert opinionabout whether or not your claim is valid potentially saving you thousands in legal fees.
Only an audit can uncover if you were the victim of a scam...
1. Past review of the history of the policy to determine the effectiveness of how the policy was sold and manage.
2. Determination of the current Fair Market Value of the policy using the Replacement Value approach which will allow you to decide what to do with your policy.
3. Determining the future Fair Market Value under different scenarios allowing you to decide whether it would be more advantageous to enter into a life settlement now versus in the future.