Life settlement contract means a written agreement entered between a provider, or any affiliate of the provider, and an owner establishing the terms under which compensation or anything of value will be paid, which compensation or thing of value is less than the expected death benefit of the insurance policy or certificate, in return for the owner's present or future assignment, transfer, sale, devise, or bequest of the death benefit or ownership of any portion of an insurance policy or certificate of insurance for compensation; provided, however, that the minimum value for a life settlement contract must be greater than a cash surrender value or accelerated death benefit available at the time of an application for a life settlement contract. The term includes the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns such policy if the trust or other entity was formed or availed of for the principal purpose of acquiring one or more life insurance contracts, which life insurance contract insures the life of an individual residing in this state.

Life settlement contract means a written document pro- viding for and establishing the terms of a life settlement.

Life settlement contract means a written agreement entered into between a provider and an owner, establishing the terms under which compensation or any thing of value will be paid, which compensation or thing of value is less than the expected death benefit of the policy, in return for the owner's assignment, transfer, sale, devise, or bequest of the death benefit or any portion of a policy for compensation, provided, however, that the minimum value for a life settlement contract shall be greater than a cash surrender value or accelerated death benefit available at the time of an application for a life settlement contract.

Examples of Life settlement contract in a sentence

Definitions.9 For the purposes of this Part:10 (1) "Life settlement contract" means a written agreement establishing the11 terms under which compensation or anything of value is or will be12 paid, which compensation or value is less than the expected death13 benefits of the policy, in return for the owner's present or future14 assignment, transfer, sale, devise, or bequest of the death benefit or15 ownership of any portion of the insurance policy or certificate of16 insurance.
Life settlement contract does not include: (A) The assignment, transfer, sale, devise or bequest of a death benefit, life insurance policy or certificate of insurance by the insured to the life settlement provider pursuant to the Life Settlement Act, Ark.
Life settlement contract does not include: Formatted: Left, Indent: Left: 0.5", Hanging: 0.5", No bullets or numbering(A) The assignment, transfer, sale, devise or bequest of a death benefit, life insurance policy or certificate of insurance by the insured to the life settlement provider pursuant to the Life Settlement Act, Ark.

More Definitions of Life settlement contract

Life settlement contract means a written agreement entered into between a

Life settlement contract means a written agreement establishing the terms under

Life settlement contract also means and includes:

Life settlement contract means a written agreement entered

Life settlement contract means an agreement between an owner and a life settlement provider or any affiliate, as that term is defined in sec- tion 41-3802(1), Idaho Code, of the life settlement provider establishing the terms under which compensation or anything of value is or will be paid, which compensation or value is less than the expected death benefits of the policy, in return for the owner's present or future assignment, transfer, sale, hypothecation, devise or bequest of the death benefit or ownership of any portion of the insurance policy or certificate of insurance. Nothing in this definition reduces or impairs the scope of the definition of security contained in section 30-14-102(28), Idaho Code.

Life settlement contract means a written agreement between an owner and a life settlement provider or any affiliate of the life settlement provider establishing the terms under which compensation or anything of value is or will be paid, which compensa- tion or value is less than the expected death benefits of the policy, in return for the owner’s present or future assignment, trans- fer, sale, devise or bequest of the death ben- efit or ownership of any portion of the insurance policy or certificate of insurance.

Life settlement contract means a written agreement entered between a provider,