Life settlement contract means a written agreement entered between a provider, or any affiliate of the provider, and an owner establishing the terms under which compensation or anything of value will be paid, which compensation or thing of value is less than the expected death benefit of the insurance policy or certificate, in return for the owner's present or future assignment, transfer, sale, devise, or bequest of the death benefit or ownership of any portion of an insurance policy or certificate of insurance for compensation; provided, however, that the minimum value for a life settlement contract must be greater than a cash surrender value or accelerated death benefit available at the time of an application for a life settlement contract. The term includes the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns such policy if the trust or other entity was formed or availed of for the principal purpose of acquiring one or more life insurance contracts, which life insurance contract insures the life of an individual residing in this state.

Life settlement contract means a written document pro- viding for and establishing the terms of a life settlement.

Life settlement contract means a written agreement entered into between a provider and an owner, establishing 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, in return for the owner's assignment, transfer, sale, devise, or bequest of the death benefit or any portion of a policy for compensation, provided, however, that the minimum value for a life settlement contract shall be greater than a cash surrender value or accelerated death benefit available at the time of an application for a life settlement contract.

Examples of Life settlement contract in a sentence

Life settlement contract does not include the following: (A) The assignment, transfer, sale, devise or bequest of a death benefit, life insurance policy or certificate of insurance by the insured to the life settlement provider pursuant to the Life Settlements Act, Ark.
Subdivision (2) of that section reads: (2) "Life settlement contract" shall include an agreement, entered into after the effective date of this article (May 18, 2010), described in paragraph one of this subsection regardless of the date the compensation is provided and regardless of the date the assignment, transfer, sale, devise or bequest is effectuated.
Definitions.9 For the purposes of this Part:10 (1) "Life settlement contract" means a written agreement establishing the11 terms under which compensation or anything of value is or will be12 paid, which compensation or value is less than the expected death13 benefits of the policy, in return for the owner's present or future14 assignment, transfer, sale, devise, or bequest of the death benefit or15 ownership of any portion of the insurance policy or certificate of16 insurance.
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Life settlement contract provider's license: Issuance before July 1, 2014...................

More Definitions of Life settlement contract

Life settlement contract means a written agreement entered into between a

Life settlement contract means a written agreement entered

Life settlement contract also means and includes:

Life settlement contract means an agreement between an owner and a life settlement provider or any affiliate, as that term is defined in sec- tion 41-3802(1), Idaho Code, of the life settlement provider establishing the terms under which compensation or anything of value is or will be paid, which compensation or value is less than the expected death benefits of the policy, in return for the owner's present or future assignment, transfer, sale, hypothecation, devise or bequest of the death benefit or ownership of any portion of the insurance policy or certificate of insurance. Nothing in this definition reduces or impairs the scope of the definition of security contained in section 30-14-102(28), Idaho Code.

Life settlement contract means a written agreement establishing the terms under

Life settlement contract means a written agreement entered into between a life settlement provider and an owner. The agreement shall establish the terms under which the life settlement provider will pay compensation oranything of value, which compensation or value is less than the expected death benefit of the insurance policy or certificate, in return for the owner’s assignment, transfer, sale, devise or bequest of the death benefit or ownership of all or a portion of the insurance policy or certificate of insurance to the life settlement provider. A life settlement contract includes a contract for a loan or other financial transaction secured primarily by an individual or group life insurance policy, other than a loan by a life insurance company pursuant to the terms of the life insurance contract, or a loan secured by the cash value of a policy. A life settlement contract also includes written agreements commonly referred to as viatical settlement contracts and senior settlement contracts.

Life settlement contract means a written agreement between an owner and a life settlement provider or any affiliate of the life settlement provider establishing the terms under which compensation or anything of value is or will be paid, which compensa- tion or value is less than the expected death benefits of the policy, in return for the owner’s present or future assignment, trans- fer, sale, devise or bequest of the death ben- efit or ownership of any portion of the insurance policy or certificate of insurance.