Life Settlement
How does New York define a life settlement contract?
Answer and explanation
Answer: C. Section 7802(k) defines a life settlement contract as an agreement establishing the terms under which compensation is provided to an owner, that compensation being less than the expected death benefit. Surrender to the insurer, an accelerated benefit, and a collateral assignment are each different transactions.Source: N.Y. Ins. Law § 7802 — 7802(k), Life settlement contract
More life settlement questions
- How does New York define a life settlement broker?
- How does New York define life expectancy for life settlement purposes?
- What consequence does section 7815 attach to engaging in STOLI?
- What does New York's stranger-originated life insurance provision prohibit?
- What is a financing transaction under New York's life settlement article?
- Where does New York set out prohibited practices in life settlements, apart from the STOLI provision?
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