STOLI definition

STOLI or “IOLI” policies shall mean and refer to any alleged or actual “stranger-originated” or
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STOLI. , means a practice or a plan to initiate a life
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Examples of STOLI in a sentence

  • United of Omaha Life Insurance Company does not issue insurance policies unsupported by an insurable interest, including any policies involved or contemplated to be involved in stranger originated life insurance (STOLI) transactions.

  • Notwithstanding Section III.A.9, the Reinsurer shall be liable for any stranger-owned life insurance (STOLI) or premium-financed cases that are undisclosed or misrepresented to the Ceding Company and that are discovered after a risk has been made effective, unless and until such risk is successfully rescinded under Article X.

  • STOLI is the practice or plan to initiate a life insurance policy for the benefit of a third party, who at the time of the policy origination, has no insurable interest in the insured.

  • We will screen for and reject any stranger originated life insurance (STOLI) policies, or policies using non-recourse premium financing.

  • We will screen for and reject any stranger originated life insurance (STOLI) policies, or policies using non-recourse premium financing .

  • While in many states an issuing insurance company may not be able to raise claims for fraud and misstatements in the application after the expiration of the contestability period, an insurance company may be able to do so in the context of a case alleging that the insurance policy was issued without the requisite insurable interest, and many cases involving alleged STOLI policies assert both fraud in the application and lack of insurable interest.

  • The Issuer cannot predict whether a state regulator, insurance carrier or other party will assert that any of the policies should be treated as having been issued as part of a STOLI transaction or otherwise were issued in contravention of applicable insurable interest laws.

  • STOLI We require that the Statement of Policyowner Intent form be completed on all cases that meet these requirements.

Related to STOLI

  • snippet means a legally binding agreement (made pursuant to the provisions of this Framework Agreement) for the provision of the Services made between a Contracting Body and the Supplier comprising of an Order Form and the Call-Off Terms;","size":74,"snippetLinks":[{"key":"legally-binding-agreement","type":"clause","offset":[8,33]},{"key":"the-provisions-of-this","type":"clause","offset":[52,74]},{"key":"framework- agreement","type":"definition","offset":[75,94]},{"key":"the-provision-of-the-services","type":"clause","offset":[100,129]},{"key":"contracting-body","type":"definition","offset":[145,161]},{"key":"the-supplier","type":"clause","offset":[166,178]},{"key":"order-form","type":"clause","offset":[196,206]},{"key":"off-terms","type":"clause","offset":

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  • McDaniel means McDaniel & Associates Consultants Ltd.