Step by Step process on the “hypothetical” acquisition of a
100 million Life Settlement portfolio.
假想购买一亿保单贴现投资组合的详细步骤

 

1. How the policies are acquired for review (brokers & direct agents) or existing inventory (portfolios) that may be available for sale.

如何购买保单，重新检查（经纪人及直接代理）以及是否有现存的清单（投资组合）可以出售。

1. We currently receive over 12,000 policies a year for review.

目前我们每年能够收到12000份保险单。

1. We solicit policies from licensed life insurance agents, life settlement brokers, and licensed financial professionals. We have currently contracted 280 MGAs, BGAs, Life Agents, and Life Settlement Brokers. Each submitting office is required to sign and executes a Life Settlement Case Submission Agreement (CSA) that spells out the guidelines for market conduct, representation and warrantees, and commission levels.

我们目前从许多职业人寿保险代理、贴现保单经纪人以及一些获得许可的专业金融人员手中获取保险单。目前我们已经与280位总代理、零售保险代理以及寿险代理人及贴现保单经纪人签订了合同。每家提交办公室需要签订并执行贴现保单案例提交协议（CSA），该协议规定了各方在市场执行、代表、保证以及佣金水平等方面的规则。

1. Existing portfolios come to market weekly. Either through mailing list at the receivers or open tertiary market trading.

现有的投资组合每周上市。可以通过接收方的邮件发送清单或者通过开放的三板斧市场交易。

1. How the Insurance Policies are underwritten, legally reviewed and how that due diligence process works in a Life Settlement Provider’s program

如何承诺支付保险单，如何确保保险单接受了合法检查以及如何担保尽职调查在贴现保单提供方的项目中发挥作用。

1. Our pricing methodology of policies is dependent on many factors, including but not limited to the cash surrender value, life expectancies of insured’s and anticipated premiums required to keep policies in force.

关于保险单的定价方法论取决于许多因素，包括但不局限于人寿保险退保解约金值、被保险人的预期寿命以及为确保保险单继续生效的预期保险费。

1. Underwriting Criteria:

保险标准：

1. Case submission is verified for accuracy. 

需要检查案例提交表的准确性。

1. Broker Agency agreement in place

是否已经签署经纪商代办协议？

1. Has a background check been done on the submitting office

关于提交办公室是否已经进行了背景检查？

1. Life settlement application

贴现保单申请表。

1. Illustrations (in-force or conversions)

举例（生效或转化）

1. Releases of Information

信息发布

1. Policy is checked for medical or financial fraud at issue (We have a reliable and comprehensive anti fraud program)

发出保险单时，需要检查是否存在医疗或金融欺诈的问题。（我们有一套完整可靠的反欺诈系统）

1. Verification of premium financing.

确认保险费。

1. Verification of Insurable interest.

确认可保险的利息。

1. Broker / Agent active licenses verified

确认经纪人/代理的授权是否有效

1. How are the policies priced (Cost Of Insurance and Life Expectancy companies)

保险费是如何计算的？（人寿保险公司的费用）

1. A base IRR is set and determined by the financing company

基本内部收益率（IRR）由金融公司负责设置和确定

1. Order a life expectancy report of the insured from the 5 nationally approved actuarial life expectancy companies (EMSI, 21st Services, ISC, Fasano, AVS)

从5家国家指定的人寿保险公司(EMSI, 21st Services, ISC, Fasano, AVS)订购保户的平均寿命报告

1. Verification of Life expectancy accuracy through a very diligent review of the insured’s medical records.

仔细研读保户的医疗记录以确认其平均寿命的准确度

1. Determine the use of premium escrows

确定保险费契约的使用

1. Hedge with an annuity

养老金保值

1. Invest future premiums

投资未来的保险费

1. Determine early maturities estimates

测定初步评估

1. Reserve to L/E or L/E +

保留到L/E或L/E以上

1. Establish the cost of capital for premiums

建立保险费成本

1. Extract the lowest monthly Cost of Insurance from the life insurance company.

从人寿保险公司提取每月开销的最小值

1. Re illustrate premiums to L/E utilizing cash fist (or withdrawal as needed)

以操纵现金的方式向L/E重新解释保险费（或按照要求提款）

1. Optimize the premium schedule

对保险费时间表进行最优化处理

1. Determine fund loads and cost

确定资金负载和开销

1. The process of bidding, offering and acquiring a life insurance policy from the original seller

从原始卖方那里询价、获得人寿保险单

1. Offers are made to all submitting representatives.

向所有被委托的代表报价

1. We determine if the representative has the proper legal representation documents from the policy owner & seller.

我们决定代表是否从保险单的所有者或买方处得到合法文件

1. Signed HIPAA

签署过的HIPAA法案

1. Signed Life Settlement Application

签署过的人寿保险申请表

1. Broker of Record Letter

书信记录簿的经纪人

1. Offers are made with contingencies and short deadlines

报价应由或有费用在短期内提出

1. Re-bidding and negotiations are handled on a case specific basis.

出现特殊情况时，可以发修改报价和协商

1. The process that secures (purchases) the policy and moves it into the Financing Entity’s facility

担保（购买）保单并将其移入金融实体框架之中的程序

1. Policy is underwriten and priced.

保险单为可承诺支付和附有定价的

1. An offer is presented

报价已提供

1. Offer negotiations occurs

报价协商已进行

1. Offer is accepted by the seller

报价已为卖方接受

1. Closing documents are issued

收尾文件已发布

1. Closing documents are returned executed and reviewed for completion收尾文件已从完成角度考虑得到签署、返还和评估
2. Purchase funds and fees are placed in escrow

购买资金与费用已在契约中做出相应安排

1. Change of ownership and beneficiary goes to the carrier for recording用于所有权与受益权变更情况的记录已邮寄
2. Changes are confirmed recorded

变更已通过记录形式确认

1. The transaction gets a final review for values, face amount, loans, and assignments

交易已得到价值、票面金额、贷款与转让方面的最终评估

1. Funds are released to seller by escrow agent (File is now legally purchased)

资金已通过契约代理人提供给卖方（相应卷宗现已通过合法方式购买）

1. Provider assigns the settlement contracts and related documents to the financing entity

供方已将贴现合同与相关文件转交给相应金融实体

1. Provider and broker get paid by the escrow agent after rescission period.

在撤销期间过后，供方与经纪人得到了契约代理人的付款

1. Tracking and policy maintenance is set up.

保单追踪与维持机制已建立

6. How the policies are serviced, maintained, tracked etc…

保险契约如何实施、维护和跟踪等

1. Quarterly tracking is set up. 建立季度跟踪机制
1. Tracking postcards are sent to the designated contact

给指定的联系人发送跟踪卡

1. Policy account balances are used as intended by the financing entity

由金融实体确保保险单帐号的均衡

1. An optimized premium schedule is set up and implemented.

实施并执行最优化的保险费计划表

1. Premium payments are made as required.

按要求支付保险费

1. Annual statements are analyzed.

分析年度账目表

1. Are interest rates performing as expected

利率情况正常吗？

1. Is the Cost of Insurance performing as expected

保险费开销情况正常吗？

1. Are the account values reflecting this performance

账目价值能够反应这一性能吗？

1. Quarterly premium reports are sent to the financing entity

季度保险费报告应呈交金融实体

1. Quarterly tracking reports are sent to the financing entity.

季度追踪报告应呈交金融实体

1. Upon notification of death 接收到死亡通知后
1. Obtain the death certificate from the designated contact or next of kin. 从指定联系人或其亲属处获得死亡证书
2. Fill out and file the death claim. 填写并提交死亡声明
3. Collect the check and send to the financing entity.

收集所有票据，送交金融实体

7. How policies are flipped out of portfolio if requested to do so

如有要求，如何将保险单从有价证券中提取取出

1. New medical are obtained

获得新的医学证明

1. Use the irrevocable power of attorney to obtain them from all physicians.

使用不可撤销的委任书从所有医师那里获得

1. New life expectancies are obtained

获得新的平均寿命值

1. Maturity illustration is ordered.

已安排好完备的说明、解释

1. Policy and portfolio is packaged for a tertiary sale.

保险单和有价证券已打包以备三期销售

8. The use of the policies as multi purpose instruments, (SS programs, pension funds, financial back stops etc…)

保险单用途广泛 （即规划、抚恤基金和金融回复停止费用，等）

1. Standard settlement funds, purchase amount, full premium escrow, use of account values

标准清算资金、购买量、全额保险费契约、帐户价值的使用

1. Leveraged purchases

调控购买

1. Synthetic risk of actual lives

实际生命的综合风险

1. Longevity risk derivatives.

寿命风险的派生因素

1. Used as hedging for other risk vehicles, construction loans, mortgage securities, etc

用以预防其它有风险交通工具、建筑借贷、抵押证劵，等

1. Retail fund raising

零售资金的增长

1. Funds of Funds.

基金投资

1. These are endless and could be tailor made to meet the financing entities requirements.

相关因素无穷无尽，应按照经济实体的要求制定

9. How do you customize a Life Settlement portfolio

如何定制人寿保险有价证券？

1. Source of capital for investment 资金总额的来源
1. Retail 零售
2. Funds and pensions 基金与退休金
3. Debt 债务
4. Equity资产净值
2. Risk diversity 风险的多样性
1. Gender 性别
2. Age 年龄
3. Medical condition 医疗状况
4. Life expectancy 平均寿命
5. Insurance carrier credit risk 保险承运人的信贷风险
6. Insured geographic location 保户的地理位置
7. Sourcing 来源
3. Use of premium escrow 保险费契约的使用
1. Hedge with an annuity 养老金保值
2. Invest future premiums 投资将来的保险费
3. Determine early maturities estimates 测定初步评估
4. Reserve to L/E or L/E +保留到L/E或L/E以上
5. Establish the cost of capital for premiums 建立保险费成本
4. Net Asset Valuation Model财产净价值模式
5. Diversify the fund with short sells of overly aggressive Life Expectancies

将资金用于补偿过份乐观估计的预期寿命而产生的卖空

1. Purchase distressed portfolios at discounted rates.

以打折的价格收购受损的有价证券。

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