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Consistency checks

D

dChetty

Member
a)Please explain: "A check that the number of units purchased by premiums and encashed to pay benefits are consistent with the corresponding revenue account items".
b)Please explain:"A check that internal unit movements, for example charge encashments are consistent with the surplus emerging during the year".
c)Please explain: "It is good practice to compare an extract of the computer held data with the information in the paper admin files".
 
(a) check that premiums in accounts matches premiums in unit-linked system. Similarly claims.
(b) again cross-checking cashflows in accounts and unit-linked systems - this time looking at charges
(c) might not have any paper admin these days - but any that does exist can be compared with what's on the computer. We're looking for inconsistencies and errors.
(d) an example of inconsistency.
 
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