Administrative Review Request re:Refusal of EC-Tier 1

After waiting to hear back from UK Consulate for two months, I unfortunately got refusal of EC regarding my Tier 1(General) application.  Even though I got 90 points for Attributes, 10 points for English language, ECO says he was not satisfied I qualified for 10 points in the Maintenance area. 
I had submitted an official letter from the company stating my cash funds with my life insurance policy.  The letter was clearly stating the available for demand cash funds was $7,000+ and it had not been lower than $6,000+ during the last 90 days.  It was not pension funds; I submitted the original document clearly showing my name, account number, date of statement, and financial institution's name&logo.  So everything was in accordance with what is stated in the guidance.
Now, I'll be applying for an Administrative Review of my case.  Any recommendations for me?  Do you know how frequently UK Consulate changes their mind after the review and grant the visa?  Do you have any experience you think it would help my case?  Any feedback would be appreciated a lot!
Many thanks in advance!

Normally in these situations, you need to provide the text, or scan, of your gv51

what do you mean with "gv51"?
thanks!

when you were refused, they would have sent along a form showing their reasons.  In the top right corner of the form, there should be an itty bitty "gv51 (LRA)"...

On the top left... You mean "post reference" which is "NY&6-digit number"?
So you recommend me to fax them "Refusal of Entry Clearance" doc with "Administrative Review Request Notice" form?
Do you have any guess about my chance to have my Tier 1 visa after the administrative review?  I mean do they change their decision after Administrative Review in general?

I think what Garry is saying is that we need to see the refusal notice before we can say if it worth asking for the review.

Vicky

 
I'm copying the following from "Maintenance" part of gv51:
"ECO Comment:
I am not satisfied that you qualify for 10 points in this area.  You have failed to provide the specific documentation as stated in the PBS Tier One Guidance.  Your US bank account shows you have a balance below that required to qualify for points in this area.  Your Life Insurance Policy cannot be considered only the specific documentation as stated in the guidance.  I am not satisfied that you meet subparagraph (d) of Paragraph 245C of the Immigration Rules."

The bank statements I had submitted was to document my salary in addition to an official letter from my employer.  For proving my cash funds, I had submitted an official letter from my non-US financial institution (in my home country) stating the amount of my "available for demand cash funds" which is not the book value of my life insurance policy but is the net payment after the company makes some deductions from the book value to cover some expenses when I'd get when I close my policy. The letter not only mentions the funds are available for demand cash funds but also states that the amount had never been under $6,000+ during the last 90 days. 
I'm afraid they haven't understood how the policy works, it is not pension funds, it simply works as a bank deposit to which I make monthly payments and I can close down my policy whenever I want by getting my funds with interest back.

Any recommendations for me before I fax my Administrative Review Request Notice?  Do you think I may hope for a change in their decision?

what's your home country?

TR, would the origin of the financial institution matter?

I expect because, in many juristictions, a life insurance policy cannot be cashed in this way.  I think that the problem is that this is not considered 'funds available'.


Vicky

so do you think it would be enough for them if I explain how this system works differently than many jurisdictions and/or offer them to provide another but more explanatory letter from my financial institution?

Many thanks!

Possibly not.   The requirements are very strict.  You might want to consider liquidating your assets and trying again.

Vicky

Yes, they are likely to not sort through reading your life insurance policy agreement and the like.  They expect you to have cash in hand basically and the administrative review will likely state that again.  I am afraid the burden is upon the applicant to show they have the funds, not the ECO to understand the finer points of insurance policies. 

Also, a little bird pointed me to this: http://www.ukba.homeoffice.gov.uk/sitecontent/applicationforms/pbs/tier1generalguidance.pdf

The Tier 1 Guidance makes it clear in Paragraph 200:

200. Evidence must be in the form of cash funds. Other accounts or financial instruments such as shares,bonds,pension funds etc, regardless of notice period are not acceptable.

So you would need to cash out your insurance policy before this goes anywhere, no sense in going through an administrative review and getting turned down.  In addition, you would then have to wait until the funds have been available for the required period of time to prove the maintenance.  The fact they were in a "non-cash" fund for the period isn't going to count towards it.  I guess when I said "prefer" cash-in-hand, it is more apt to say "require" cash-in-hand.

[Edit to clarify the required maintenence period of availability of funds]

Thank you for your helpful posts!

I have a shared US bank account with a friend of mine and I believe we have enough funds to qualify for maintenance.  I have to doublecheck the balance for the last 3 months though.   Would it possible to claim that account/send the bank statements to show the cash funds in the checking account while sending my Administrative Review Request Notice?  Would they take another financial source into consideration while re-evaluating my eligibility for 10 points for Maintenance?

Another quick question: Consulate did not return all of my application docs to me? They sent back the bank statements, my master's degree diploma, the letter from the financial institution regarding the life insurance policy, one photo, and my passport.  Whereas, they didn't send back the letters from my employers and the bank stating my salary payments - three letters in total.  Do they send everything back after my case closes down completely, I mean after the Administrative Review is completed, or they keep some of the docs even though I don't understand the rationale behind their selection among the application docs to keep/return?  Any ideas?

Many thanks!