A Composite Score Worksheet is a tool used by USMCA insurance investigators for the purpose of gathering information relevant to the underwriting process. A USMCA agent refers to this as a Structured Settlement Scorecard. This is a relational database that contains case-specific information relevant to the underwriting process of each settlement and policy class. Components of this database include: Case Information, Insurance Claim Detail Records (ISDR), Medical Indemnity Detail Records (IME), Settlement Worksheets, Case Summaries, and Briefing Files.
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Most of the data entered here relates to the subject case filed. The USMCA does not accept data that pertains to any other case that is part of the portfolio or which is currently under review. It is important that the data are current and accurate because it is used as a reference in a wide variety of processes related to insurance coverage and underwriting. When this data is used improperly, it can seriously damage the standing of a company and impede its ability to secure future business.
To construct a USMCA composite settlement rating, several components are used. The first is the Subject Case Number (SCN). The second is the case summary or the entire litigation file including exhibits. The third component is the case analysis or the ratings on various key aspects of the case such as the settlement itself and the medical and financial aspects at stake.
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The ratings on the Company Overview should be rated high for good business practices and the company’s management team. The rating on Management is low due to the possibility that management may not have an effective leadership style. Management needs to have strong sales skills to drive sales and to manage claims. The rating on the Underwriter’s Statement should be low due to the possibility that the underwriter may not have a thorough understanding of insurance laws and the expected results when requesting a premium.
If the Company Overview on the SCN has strong positives, the rating on the Company Overview should be high. If the Company Overview has weak positives, the rating on that overview should be weak. If there are significant negative ratings on any of the three components, the composite score worksheet should have a low rating. If the company has very few negative ratings, it is likely the company does not have a profitable business model and that a rating will be lower.
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A company’s capital structure, industry, geographic location and customer mix all affect the rating of a company. All of these components are rated using several formulas. However, many companies choose to ignore these rating considerations in their strategic planning process because they do not consider them necessary. They believe that the information provided by the composite score worksheet will help with decision making. While that may be true in some cases, it is important to realize that the information is only as accurate as the data that are entered into the system.
In addition to the rating of the company, the level of risk associated with the business is also considered. In general, businesses with higher ratings have a higher level of risk. Therefore, businesses with higher ratings on the composite score worksheet will have higher asset values and higher cash flows. However, there is a potentiality for the value of the assets and cash flows to decrease if the company’s credit rating or its cash flows rating decline.
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The final step in the SCORE analysis involves the comparison of the assets and liabilities of the company to the assets and liabilities that are reflected in the SCORE. If both match up, there is a good rating and a credit rating. On the other hand, if one falls short, then the score is poor and the company should improve its rating. Once the entire scoring procedure is complete, the information is shown on the screen for a company to decide whether it should borrow more money or sell off its shares of stock. When this is done, the Composite score worksheet can be used to find out what kind of financial assistance it needs.
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