Policy Servicing

The experience of a Servicer of life settlements is vital to protecting the investor’s assets. Senior Settlements LLC (SSLLC) has more than 10 years experience in servicing portfolios collateralized by life insurance policies. An outline of our Servicing procedures includes:

 

 

Policy Maintenance

 

On an annual basis, prior to the anniversary of each Insurance Policy, SSLLC will contact the Insurer, request an illustration and determine the premium required to keep the Insurance Policy in force for the next 12 months. SSLLC will provide payment instructions to the Trustee. SSLLC will monitor all notices and Annual Statements from the Insurers to keep the policies in force.

 

 

Monitoring of Seniors

 

SSLLC uses a third party, AVS, to monitor the health status of each Senior periodically (monthly in the case of remaining Life Expectancies of 24 months or less, quarterly in the case of remaining Life Expectancies of over 24 months), subject to any restrictions imposed by law or regulation. AVS’ monitoring duties and responsibilities include periodic (as described above) written or verbal communication with each Senior or his or her Senior Representative, including attending physicians where appropriate, regarding the current health status of such Senior and whether a death benefit claim may be submitted with respect to the Life Settlement. Under its contractual agreement with SSLLC, AVS shall take such actions as are reasonably necessary to obtain the most accurate and current information available with respect to the status of the health of each Senior.

 

 

Claims Filing and Collection of Death Benefits

 

As soon as it learns of the death of a Senior, AVS will (in compliance with all applicable laws) (i) obtain a death certificate from the applicable governmental agency for the deceased Senior that conforms to the applicable Insurer’s procedures for submission of death claims and (ii) deliver all available materials required by such Insurer to collect death benefits due under the relevant policy to SSLLC.

 

 

Maintenance of Information and Reports

 

SSLLC maintains and updates a database relating to the Insurance Policies that includes the following: 
   

Ø       current and past names, addresses and telephone numbers of all Seniors and Senior Representatives;

Ø       current and past names, addresses and telephone numbers of all physicians and    other medical personnel responsible for the medical care and treatment of the Seniors;

Ø       a listing of all material contact persons affiliated with the Insurer, including name, title, employer, address, telephone and facsimile numbers, and other information pertinent to the administration of claims

Ø       any other information obtained by SSLLC it deems necessary

 


 


"Senior Settlements LLC (SSLLC) has more than 10 years experience in servicing portfolios collateralized by life insurance policies"

 

 





"SSLLC will monitor all notices and Annual Statements from the Insurers to keep the policies in force"

 

 





"Under its contractual agreement with SSLLC, AVS shall take such actions as are reasonably necessary to obtain the most accurate and current information available with respect to the status of the health of each Senior"

 

 

 




"SSLLC maintains and updates a database relating to the Insurance Policies..."