Life settlement definition

Life settlement means a viatical settlement in which the viator has not been diagnosed as terminally or chronically ill. For purposes of these rules, unless otherwise distinguished, the term “life settlement” shall be synonymous with viatical settlement.

Life settlement means an agreement regarding the terms under which compensation or any thing of value will be paid, which compensation or thing of value is less than the expected death benefit of the policy but greater than the cash sur- render value or accelerated death benefit available under the pol- icy at the time of the application for the life settlement, in return for the owner’s present or future assignment, transfer, sale, devise, or bequest of the death benefit or any interest in a policy. “Life settlement” includes all of the following:

Life settlement means an agreement that is solicited, negotiated, offered, entered into, delivered, or issued for delivery in this state under which a person pays compensation or anything of value that is less than the expected death benefit of a policy insuring the life of an individual who does not have a catastrophic or life-threatening illness or condition in return for the policy owner’s or certificate holder’s assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy;

Examples of Life settlement in a sentence

• Life settlement providers must pay to the department a $500 application fee, a $500 annual fee, and must deposit and maintain in trust securities of a value of not less than $100,000 or, in the alternative, securities in the amount of $25,000 and a surety bond of $75,000.

• Life settlement provisions relate to owners of life insurance policies who do not have a life-threatening or chronic illness (in contrast to persons who purchase viatical settlement contracts).

• Life settlement brokers must pay a $50 application fee, while life settlement sales agents, licensed as life insurance agents, must pay the application and license fees that currently apply to such agents.

• These remaining AVC funds were transferred to Aegon following the uplift applied to the members' funds as part of the Equitable Life settlement.

More Definitions of Life settlement

Life settlement means an agreement that is solicited, negotiated, offered, entered into, delivered, or issued for delivery in this state under which a person pays anything of value that is:

Life settlement means a written agreement:

Life settlement means when a person, who does not have a terminal or chronic illness, sells a life insurance policy to a third party, usually a viatical settlement provider, for less

Life settlement means an agreement regard- ing the terms under which compensation or any thing of value will be paid, which compensation or thing of value is less than the expected death benefit of the policy but greater than the cash surrender value or accelerated death benefit available under the policy at the time of the

Life settlement means a transaction whereby a Policy insuring the life of an individual who does not then have a Viatical Settlement Illness or Condition is purchased by compensating the owner of that Policy with anything of value that is less than the Death Benefit Amount of the Policy.

Life settlement means an agreement entered into between a company and an insured that establishes the terms under which the company will pay compensation or anything of value, which compensation or value is less than the expected death benefit of the insurance policy, in return for the insured’s assignment, transfer, sale, devise or bequest of the death benefit or ownership of the insurance policy to the company;