SI-LTD Monthly Reserve Report
This report provides self-insured LTD employers access to financial information that was historically only available for fully-insured policyholders. The report provides the basic payment information for each open claim, as well as an illustrative reserve amount. This report, which updates at the end of each month, allows self-insured customers access to monthly restatements of these illustrative reserves.
Data details — what's in? What's out?
This section provides information which is specific to the SI LTD monthly reserve report. Please refer to the information in the Understanding the data details section for general information on the details for all reports, including Marked up in Error (MUERR) claims and data processing delays.
- Transactional report — listing of SI-LTD open claims
- Due to the type of service that is provided to Advice to Pay (ATP) customers, this report is not suggested for those customers. ATP customers will not see any financial data.
- The values shown on the report are for illustrative purposes only, and are provided solely as an informational service to the customer. Any illustrative calculation is not a funding evaluation or reserve testing service of any kind. The information cannot be relied upon by any party external to Unum in arriving at valuations required under any accounting standards applicable to the customer. Accordingly, it does not constitute a representation or certification with respect to plan funding. Assumptions used in deriving these values may not be appropriate to specific customer circumstances. For example, assumed rates of discount may not match investment practices and policies of the customer. In Unum's opinion, the reserves provided on the attached report(s) are based on sound actuarial methodologies and the following assumptions:
- Test Annual discount rate: 4.50%
- Recovery and Death rates: based on Unum's own experience and in accordance with its current reserving assumptions.
- Social Security and Other Offsets: based on Unum's own experience and in accordance with its current reserving assumptions.
- Non-compensable claims are excluded.
- Data is updated monthly.
- The user does not select the product or the review period. This report is for self-insured LTD claims which are open at the end of the previous month
How can I use this information?
This report can be used a number of ways. It contains a variety of information on every open SI-LTD claim. The report can help answer questions like:
- How long has the LTD claim been open?
- What are the potential outstanding costs associated with these claims?
- When the claimants were injured, what type of work were they performing?
It can also be sorted in various ways to provide information such as:
- claims with the highest basic benefit or reserve amount
- claims which receive Workers' Compensation and/or Social Security
- the most frequent diagnosis
Furthermore, all the functions of Excel can be utilized to add and manipulate data. For example, all of the claims within a certain division could be subtotaled.
For more ideas on how to use this information, refer to the section titled Interpreting the reports.