Life Settlement Agreements

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Who is the owner in a life settlement contract

The owner refers to the owner of a life insurance policy who seeks to enter a life settlement agreement

Stranger-Originated Life Insurance STOLI

A type of insurance that is initiated on behalf of a 3rd party that has no insurable interest in the life of the insured, for the primary purpose of affecting a life settlement contract

Life Settlement Provider

A person (other then the owner) who enters into a life settlement contract with the owner.

Life Settlement Broker

A person who, for compensation, solicits, negotiates or offers to negotiate a life settlement contract. Life settlement brokers represent only the policy owners, and have a fiduciary responsibility to act in the best interest of the owner and according to their wishes.

Life Expectancy

It refers to a calculation based on the average number of months the insured is projected to live based on medical history and mortality factors (an arithmetic mean).

Qualified Institutional Buyer

Someone who owns and invests at least 100 million in securities and is allowed by the SEC to trade in unregistered securities.

Life Settlement Contract

A life settlement contract establishes the terms under which the life settlement provider will pay compensation to the policy owner, in return for the assignment, transfer, sale or release of any portion of the following. 1. The death benefit 2. Policy Ownership 3. Any beneficial interest; 4. Interest in a trust or any other entity that owns a policy.

Business of Life Settlement

refers to any activity relating to the solicitation and sale of a life settlement contract to a third party who has no insurable interest in the insured.

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