The Escrow Agent's responsibility is to hold all funds until confirmation is received from the appropriate insurance company that policy changes and/or assignments have been properly executed. Until the escrow agent has an executed document, the funds remain in escrow. On receipt of the confirmation, funds are transferred according to the agreement.
The Escrow Agent obtains an obligatory $2,000,000 fidelity bond insuring each individual escrow account transaction. A $6,000,000 Errors and Omissions Policy covers the Escrow Agent, which further enhances client fund safety.
INSURANCE
The policy must be with an Insurance Company rated "A" or better by AM's Best. Additionally, each policy is reviewed by a licensed insurance agent to determine whether any impediments to viatication exist. These would include such variables as a minor child beneficiary, non assignability of benefits, extended contestability periods, exorbitant premium rates, etc.
Verification that the life insurance policy is in good standing is obtained by Finacial Federated Title and Trust. If all documentation is in order, a medical review is begun.
MEDICAL
Reviews of the medical records and reviews of physician notes, lab reports, radiology reports, discharge summaries and social service reports. This material is organized into an accessible format and sent to an independent physician specialist (internal medicine or hematology for AIDs, etc.) Additionally, for purposes of quality control, medical materials are regularly sent out for second opinions to ensure that our physicians are using the same assessment criteria. Our company strives to limit life expectancy in the 24 - 30 month range, while giving the Investor an extra six months for protection!
There are many factors that go into the evaluation of life expectancy, such as age, diagnosis, treatment regiments, failed clinical trials, lifestyle considerations and access, or lack thereof, to experienced and knowledgeable health care providers.
