Life Settlement
How does New York define life expectancy for life settlement purposes?
Answer and explanation
Answer: B. Section 7802(i) defines life expectancy as the arithmetic mean of the number of months the insured can be expected to live, taking into consideration medical records. A pricing table, a physician's certificate, and Medicare eligibility are not the measure the subsection uses.Source: N.Y. Ins. Law § 7802 — 7802(i), Life expectancy
More life settlement questions
- 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?
- Which arrangement does New York describe as stranger-originated life insurance?
- Which section governs advertising in New York life settlements?
- 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?
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