Viatical Settlements

viatical settlements

-a contract to purchase life insurance on a terminally ill insured -absolute assignment to settlement company for a % of the DB -INVESTORS PAYS - GETS ALL

qualifications for PROVIDERS

1. detail plan of operation 2. evidence of financial responsibility 3. anti-fraud plan 4. method to determine and receive life expectancies 5. all forms approved by DIRECTOR 6. must be approved by DIRECTOR to do business

qualifications for NON-RESIDENT BROKERS

1. must apply for Illinois license 2. must be a life producer in home state for AT LEAST ONE YEAR 3. complete a one-time 4 HOUR TRAINING course 4. complete application and pay $500 5. must represent an APPROVED viatical company 6. 4-HOUR TRAINING EVERY 24 MONTHS

qualifications for RESIDENT BROKERS

1. must hold LIFE INSURANCE license for AT LEAST 1 (ONE) YEAR 2. complete a one-time 4 HOUR TRAINING course 3. be 18 4. complete application and pay $500 5. must represent an APPROVED viatical company 6. 4-HOUR TRAINING EVERY 24 MONTHS