UNDERWRITING PROCESS AND TIMELINE

Knowing the basic timeline prior to submitting a case allows you to set expectations, which gives you and your client a
better idea of what to expect.

APPLICATION SUMBISSION:
Allow 4-6 weeks for a simple application.
We process applications within 24 hours of receipt.
If medical records are required, allow for 2 additional weeks. This can vary depending on the applicant’s doctor’s
ability to get the records out to us.
Pending status is provided weekly to the producer. Status is also generated whenever there is a change or an
update to a case.
Status is accessible on our website 24/7, but you must first submit a request for access to view this information.

UNDERWRITING REQUIREMENTS:
If Provada requests the underwriting requirements, the standard time for contacting your client is 24 hours by the
paramedical facility.
We are statused weekly by the paramedical facility.
Once the exam is completed, we will receive the results within 5-7 working days.
We order our own medical records, with an average turn around time of 10-14 working days.

POLICY DELIVERY:
Carriers usually allow 3-4 weeks for a producer to deliver and place a policy. Some carriers allow more time.
We monitor outstanding policies and request delivery extensions if the delivery period is close to expiring.
We process delivery requirements received the same day.

QUICK QUOTES AND INFORMALS:

Quick quotes are reviewed and processed within 48 hours.
A Carrier's response for a quick quote usually happens within 48 to 72 hours.
Tentative quotes are then prepared.
Informals are processed within 24 hours by ordering medical records.
Once all records are received, allow 48 hours for review of records.
Each case is summarized and submitted to the respective carriers for tentative offers; a) If complete records are
sent to the carrier, allow 10 to 14 days for a tentative offer; b) If only a summary is provided, allow 48-72 hours for
a tentative offer.
Once all offers are received, quotes are prepared within 48 hours.
If an offer is accepted, the formal application process begins.

LIFE SETTLEMENTS:
Medical records are ordered within 24 hours of receiving the Life Settlement inquiry.
Allow 10-14 days for receipt of medical records.
Once medical records are received, Life Expectancies are requested with a turnaround time of 4 weeks.
When the life expectancy is received, the information is distributed to the various funders for offers.
Responses from the funding companies average about 2-3 weeks.
Negotiating can take up to 10 additional days
Once an offer has been accepted, allow about 1- 2 weeks to prepare documents and obtain verifications.
The sale is completed when all parties have signed the contracts, and change of ownership and beneficiary is
done.
Funds are released to the insured within 2 weeks.
Obviously, we do our best to minimize the processing of all of our cases, but there are instances when cases are
held up that are beyond our control. We will get the producer involved if we must, but we try to avoid that as much
as possible.