Life Settlement
What is a financing transaction under New York's life settlement article?
Answer and explanation
Answer: D. Section 7802(f) defines a financing transaction as one in which a licensed life settlement provider obtains financing from a financing entity, including any secured or unsecured financing. A policy loan from the insurer and an advance by a broker are different arrangements.Source: N.Y. Ins. Law § 7802 — 7802(f), Financing transaction
More life settlement questions
- What does New York's stranger-originated life insurance provision prohibit?
- 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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