Viatical Settlement & Senior Viatical Life Settlement - Selling your life insurance policy
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Viatical Settlement & Senior Viatical Life Settlement - Selling your life insurance policy
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Florida Viatical Settlement
Contract: "5) "Viatical settlement contract" means a written agreement entered into between a viatical settlement provider, or its related provider trust, and a viator. The viatical settlement contract includes an agreement to transfer ownership or change the beneficiary designation of a life insurance policy at a later date, regardless of the date that compensation is paid to the viator. The agreement must establish the terms under which the viatical settlement provider will pay compensation or anything of value, which compensation or value is less than the expected death benefit of the insurance policy or certificate, in return for the viator's assignment, transfer, sale, devise, or bequest of the death benefit or ownership of all or a portion of the insurance policy or certificate of insurance to the viatical settlement provider. A viatical settlement contract also includes a contract for a loan or other financial transaction secured primarily by an individual or group life insurance policy, other than a loan by a life insurance company pursuant to the terms of the life insurance contract, or a loan secured by the cash value of a policy." The 2000 Florida Statutes: Insurance, Title XXXVII Chapter 26 § 626.9911 Definitions Viatical Settlement and Senior Life Settlement Information
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