RESCIND, CANCEL or VOID a life settlement contract WITHIN 15 Days after the receipt of the life settlement proceeds 2) Within 5 DAYS after receipt of the notice of rescission (cancel), the life settlement provider must provider a written statement to the owner: Life settlement brokers are state licensed professionals who represent life insurance policyholders in the life settlement process and negotiate on their behalf with life settlement providers. ... Life settlement contracts must be approved by which of the following?

Which of the following best defines the owner of a life settlement contract? In most states, a person must be licensed to act as a life settlement broker and must take continuing education courses. Generally, a life settlement broker is a person who, for compensation, solicits, negotiates, or offers to solicit or negotiate, a life settlement contract. Life Settlement: The selling of one's life insurance policy to a third party for a one time cash payment. Providers and brokers must print the following fraud warning on applications and life settlement contracts: “Any person who knowingly presents false information in an application for insurance or life settlement contract is guilty of a crime and may be subject to fines and confinement in prison. In order to be a licensed life settlement broker, a person must complete which of the following requirements? A person who is selling the contract. By Alan Reinstein and Cathleen L. Miller SEPTEMBER 2007 - Purchasing life insurance policies from the elderly or terminally ill is becoming an increasingly popular investment tool (see Charles Duhigg, “Late in Life, Finding a Bonanza in Life Insurance,” New York Times, December 17, 2006). provider or life settlement broker, and must provide the following information: (a) There are possible alternatives to life settlement contracts, including any accelerated death … Accounting for the Purchase of Life Settlement Contracts. 1) Provider/Broker must disclose that the owner has the right to change his or her mind.

Importantly, brokers have a fiduciary duty to represent the policyholders best interest and must …