Life Settlement
Whom does New York's life settlement article call the owner?
Answer and explanation
Answer: D. Section 7802(n) defines owner as the owner of a policy who enters or seeks to enter into a life settlement contract. The insured supplies the life covered, the provider is the buyer, and the beneficiary holds an expectancy under the contract.Source: N.Y. Ins. Law § 7802 — 7802(n), Owner
More life settlement questions
- Which arrangement does New York describe as stranger-originated life insurance?
- Which section governs advertising in New York life settlements?
- 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 broker?
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