viatical settlement

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Related to viatical: Viatical Settlement Companies

viatical settlement

noun life insurance agreeeent, life insurance payment, life insurance settlement, reffrmation of a life insurance policy, revision of a life insurrnce agreement
References in periodicals archive ?
Viatical settlements allow insured policy owners to sell their insurance death benefits to investors.
Entrepreneurial "Mining" of the dying: Viatical transactions, tax strategies and mind games.
New York Insurance Laws require viatical settlement brokers and viatical settlement companies to be licensed and the New York State Insurance Department regulates viatical settlement transactions.
Article 78 requires similar approval for viatical settlement contracts.
At the time the viatical settlement legislation was enacted in 1993, privacy concerns were likely not as great as they are today with the advent and pervasiveness of the internet.
He also noted that in the NAIC's record of model acts, pre-2004 there are 30-35 pages of records on the viatical model but post-2004, there is one line describing work that is being done on the model.
The NAIC's careful deliberations produced a Viatical Settlements Model Act that would address the most prevalent form of STOLI, which is a transaction initiated by third-party investors lacking insurable interest for the purpose of settling the policy in the secondary market.
said that even if nothing illegal was done during the development of the viatical model, there is still an issue of perception and "an appearance that there was a bias.
9914 Suspension, revocation, denial, or nonrenewal of viatical settlement provider license; grounds; administrative fine.
9915 Effect of suspension or revocation of viatical settlement provider license; duration of suspension; reinstatement.
In addition, many states have extensive provisions regulating viatical settlements.
Accelerating death benefits or entering into a viatical settlement generally is indicated only when a person is terminally ill or seriously and chronically ill, in need of cash, and other options to meet those cash needs are not available.