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Glossary of Life Settlement Terms, Part 2
Tuesday May 06, 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. Terminal Illness An illness or malady that will most likely result in death within the next two years. Chronic Illness This can be defined as one of two conditions: The first is an inability to perform at least two activities of daily living (i.e., eating, toileting, transferring, bathing, dressing or continence), or else needing constant supervision to protect the individual from threats to health and safety due to severe cognitive impairment. Owner This term refers to the Owner of either an individual or group life insurance policy. This term does not include any kind of Provider or other licensee. Insured This refers to the person covered under the policy being considered for sale. Purchase Agreement A contract solely between the provider and purchaser to purchase an individual or group life insurance policy (the owner is not a party,) Sales Contract This is a written agreement pertaining to life settlements between a Provider and an Owner, This also includes any written loan agreement that is secured primarily by an individual or a group life insurance policy, except for a loan by a life insurance company in accordance with the terms of the Sales Contract, or a loan that is secured by the policys cash value. Financing Entity An underwriter, placement agent, lender, purchaser of securities, purchaser of a policy or certificate from a Provider, credit enhancer, or any other entity with direct ownership in a policy that is the subject of a Sales Contract, but whose primary role in the transaction is to provide funds to effect the Life settlement or purchase of one or more policies. This party will also have a written agreement with all pertinent Providers to finance the purchase of Sales Contracts. This term excludes non-accredited investors or Purchasers. Financing Transaction A transaction where a licensed Provider is financed by a Financing Entity. This includes any financing, whether secured or unsecured, any securitization transaction, or any legitimate securities offering. Special Purpose Entity A corporation, LLC, or other business entity formed solely to provide access to institutional capital markets for a Financing Entity or Provider. Related Provider Trust A titling or other trust established by a licensed Provider or Financing Entity for the sole purpose of owning purchased policies pertaining to a Financing Transaction. Provider Trusts must have a written agreement with the licensed Provider that makes the Provider responsible for complying with all regulatory requirements. The trust also agrees to perform all recordkeeping relating to life settlement transactions and make them available to the Department of Insurance as if those records and files were maintained directly by the licensed Provider. |
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Latest News
FSA sets out concerns about traded life policy investments - Lexology (registration) 11 March 2010, 9:19 am Regular colorectal cancer screening saves lives - Air Force Link 11 March 2010, 8:50 am A.M. Best Presents at 3rd Life Settlements & Longevity Summit - Business Wire (press release) 11 March 2010, 7:05 am Soon-to-be retiree questions future of his pension - Dallas Morning News 10 March 2010, 8:14 pm Settlement Firm Tweaks Name - National Underwriter Life and Health Insurance News 9 March 2010, 1:18 pm Commissioner Fred Joseph of the North American Securities Administration ... - Business Wire (press release) 9 March 2010, 8:03 am Imperial Finance & Trading Names Richard (Rory) O'Connell as Chief Credit Officer - Business Wire (press release) 9 March 2010, 6:05 am Caldwell Reorganizes Affiliates To Launch Caldwell Life Strategies - PR Newswire (press release) 8 March 2010, 8:12 am When Life Insurance Is More Valuable as Cash - New York Times 3 March 2010, 2:44 pm Life Partners Engages Ernst & Young LLP as Its Auditor - MarketWatch (press release) 2 March 2010, 12:31 pm |
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