Life Settlement
What does New York's stranger-originated life insurance provision prohibit?
Answer and explanation
Answer: C. Section 7815 provides that no person shall directly or indirectly engage in any act, practice, or arrangement that constitutes stranger-originated life insurance. Selling a seasoned policy, using a trust for legitimate purposes, and provider financing under section 7802(f) are not prohibited by that section.Source: N.Y. Ins. Law § 7815 — 7815, Prohibition
More life settlement questions
- Which section governs advertising in New York life settlements?
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