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Glossary of Life Settlement Terms, Part 1
Monday April 28, 2008 12:00AM | Click here to visit original article.
This blog is the first of a three-part series that covers the major terms associated with life settlement transactions. Both viatical and non-viatical transaction terms are included here. Life Settlement - When a client owns a life insurance policy that is no longer wanted or needed, he or she can sell the policy to a third party for more than the cash value that they will receive from the life insurance company. The buyer is then named as the new beneficiary of the policy at maturation, and becomes responsible for paying all future premiums. Viatical Settlement - A type of life settlement for terminally ill policyholders. The sale proceeds from a life insurance policy that is purchased by a third party from a terminally ill individual with a life expectancy of two years or less. Life Settlement Broker - A middleman who offers or attempts to negotiate the terms of the sale of a life insurance policy between an owner and one or more providers. A broker represents only the owners and acts in a fiduciary capacity for them, notwithstanding the manner in which the Broker is compensated. Life Settlement Provider - An entity other than the policyowner who enters into a life settlement sales contract with an owner. A provider does not include: a. any bank or savings institution that takes an assignment of a life insurance policy issued pursuant to a group life insurance policy as collateral for a loan; b. any natural person who enters into a maximum of one agreement per calendar year for the transfer of a life insurance policy, for compensation or reimbursement of monetary value that is less than the expected death benefit payable under the policy; c. a life insurance policy buyer; d. any legitimate reinsurer that provides stop loss coverage to a Provider; e. a financial entity, special purpose entity, related provider trust or a broker. Viaticals - A general term referring to life settlement transactions. Viaticate - Simply the verb for viatical transactions. It is the actions of selling a life insurance policy to a third party when the insured is terminally ill. Viator - A terminally ill life insurance policyholder who sells his or her policy to a third party and receives a lump sum cash payment up front in lieu of the death benefit. |
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