Life Settlement
How does New York define a life settlement broker?
Answer and explanation
Answer: B. Section 7802(j) defines a life settlement broker as a person who, for compensation, solicits, negotiates, or offers to negotiate a life settlement contract. Buying for one's own account describes a provider, and valuation and tracking are services rather than the brokering the definition covers.Source: N.Y. Ins. Law § 7802 — 7802(j), Life settlement broker
More life settlement questions
- Whom does New York's life settlement article call the owner?
- Why does New York's definition of a life settlement contract turn on compensation less than the expected death benefit?
- Why does New York's STOLI provision mention trusts specifically?
- Why does the life settlement article contain a privacy provision?
- How does New York define a life settlement contract?
- How does New York define life expectancy for life settlement purposes?
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