Who does an insurance audit?
BECAUSE WE BELIEVE THAT TRUTH AND INTEGRITY ARE THE BEST FORMS OF FINANCIAL ADVICE:
A Life Audit is very much different than a Life Valuation and includes components usually not included in a Life Valuation conducted by an actuary. This includes:
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.
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.
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Insurance Specialist
Who is the insurance specialist?
The insurance specialist is an insurance expert with experience in various fields of life insurance including: pricing and product design, actuarial mathematics, insurance law, insurance taxation and Income tax Act, marketing and sales of life insurance, reinsurance, underwriting, policy service...
To act as an auditor, the insurance specialist must be able to prove that he can audit a policy outside of any potential conflicts of interests and that his audit cannot be influenced by any past employment or affiliation with an insurance company.
To act as an auditor,the insurance specialist cannot be licensed to sell life insruance or be a member of any industry association unless it is a consumer organization.
Why you should not use an actuary to audit your policy?
Actuaries are members of the Canadian Institute of Actuaries
Most members of the Canadian Institute of Actuaries are employed by insurance companies which gives insurance companies an enorm control and influence over this organization and on what actuaries can or cannot do.
We have written evidence showing that meetings sponsored by the Canadian Institute of Actuaries conducted by actuaries employed by insurance companies where the subject of discussion was how to mislead Canadians on the value of certain life insurance product by artificially inflating such value. This is fraud and the Institute refused to investigate this fraud when it was reported.
As a result, you cannot use an actuary to audit your life policy when this actuary is a member of an organization that is part why your life policy did not yield the results that shown at the point of sale.
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.
4. Click here to understand what you should consider before employing an insurance expert in a civil trial against an insurer which could cost you more than $40,000