NC Regulations for Life-3

Viator does not include:

-A license -An accredited investor or qualified institutional buyer -A financial entity -A special purpose entity -A related provider trust

If the commissioner is scheduling a hearing for a potential violation of the insurance code, the aggrieved Patty must receive a notice of hearing at least how many days in advance?

10 days

Persons who either assist or provide false or misleading information regarding a claim are guilty of a

Class H felony

Conservation

Conservation means any attempt by the existing insurer or its producer, or by a broker to dissuade a current policy owner from the replacement of existing life insurance annuity. This does not include such routine administrative procedures as late payment reminders, late payment offers or reinstatement offers.

In NC, a person who violates the law for false pretenses and cheats may be found guilty of a

Felony

An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering

Inspection report

Interest Payment of Death Benefit

Insurers are required to pay the death benefit within 30 days after receipt of satisfactory proof of loss because of death. After 30 day period, insurers must pay interest.

Sickle cell Or hemoglobin trait

Insurers cannot refuse to issue a life policy or charge a higher premium based solely on the fact that the insured has a sickle cell trait or hemoglobin C trait.

Viatical Settlement Broker

Means a person who on behalf of a viator and for a fee, commission, or other valuable consideration, negotiates viatical settlement contracts between a viator and one or more viatical settlement providers.

Viatical settlement Provider

Means a person, other than a viator, that enters into or effectuated (makes effective) a viatical settlement contract

Viatical settlement contract

Means a written agreement entered into between a viatical settlement provider 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 in return for the viator's assignment, transfer, sale, devise, or bequest of the death benefit or ownership to the viatical settlement provider.

Chronically ill

Means being unable to perform at least two activities of daily living such as eating, toileting, transferring, bathing, dressing, or continence or conditions requiring substantial supervision to protect the individual from threats to health and safety due to severe cognitive impairment

Terminally ill

Means having a illness or sickness that can reasonably be expected to result in death in 24 months or less

Viator

Means the owner of a life insurance policy (or a certificate holder under a group policy) who enters into viatical settlement contract. A viator is not limited to an owner of a life insurance policy or a certificate holder under a group policy insuring the life of an individual with a terminal or chronic illness or condition except as specifically addressed

Tie-in sales prohibited

No life insurance company can deliver any agreement or plan with an endowment or annuity contract which provides for the sale, solicitation, or delivery of any stock company issuing the policy or any other insurance company or corporation.