Life settlement contract definition
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 between a provider,
More Definitions of Life settlement contract
Life settlement contract means a written agreement entered into between a
Life settlement contract means a written agreement establishing the terms under
Life settlement contract also means 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 a person residing in this state.
Life settlement contract also means a written agreement for a loan or other lending transaction, secured primarily by a policy or a premium finance loan made for a policy on or before the date of issuance of the policy where:
Life settlement contract means a written agreement entered
Life settlement contract also means and includes:
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.