Life Settlement Broker
Life settlement broker means a person who on behalf of an owner and for a fee, commission or other valuable consideration offers or attempts to negotiate life settlements between an owner and one (1) or more life settlement providers. Irrespective of the manner in which the life settlement broker is compensated, a life settlement broker is deemed to represent only the owner and owes a fiduciary duty to the owner to act according to the owner's instructions and in the best interest of the owner. The term "Life settlement broker" does not include an attorney, accountant or financial planner retained to represent the owner whose compensation is paid directly by or at the direction of the owner.
Life Settlement Provider
Life settlement provider means a person, other than an owner, who enters into a life settlement contract. Life settlement provider also means a person who obtains financing from a financing entity for the purchase, acquisition, transfer or other assignment of one (1) or more life settlement contracts, policies which have been subjected to life settlements or interests therein, or otherwise sells, assigns, transfers, pledges, hypothecates or otherwise disposes of one (1) or more life settlement contracts, life policies or interests therein. "Life settlement provider" does not include: A bank, savings bank, savings and loan association, credit union or other licensed lending institution which takes an assignment of a life insurance policy as collateral for a loan; The issuer of a life insurance policy providing accelerated benefits; or A natural person who enters into no more than one (1) agreement in a calendar year for the transfer of life insurance policies for any value less than the expected death benefit.
Source: VLSAA, Viatical and Life Settlement Association of America
Call us toll free at 1-888-973-8377 for a free policy evaluation to see the amount you can receive and if you qualify. You can also fill out our online form.
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