Viatical settlement contract definition

Viatical settlement contract or “contract” means a written agreement entered into between a provider and a viator in which the provider will pay consideration that is less than the expected death benefit of the viator's policy in return for the viator's assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy to the provider.

Viatical settlement contract means a written

Viatical settlement contract means a written agreement establishing the terms under which compensation or anything of value will be paid, which compensation or value is less than the expected death benefit of the insurance policy or certificate, in return for the viator's assignment, transfer, sale, devise, or bequest of the death benefit or ownership of any portion of the insurance policy or certificate of insurance. A viatical settlement contract also includes a contract for a loan or other financing transaction secured primarily by an individual or group life insurance policy, other than a loan by a life insurance company pursuant to the terms of the life insurance contract, or a loan secured by the cash value of a policy. A viatical settlement contract includes an agreement to transfer ownership or change the beneficiary designation at a later date regardless of the date that compensation is paid to the viator.

Examples of Viatical settlement contract in a sentence

• The advertisement shall not be used in Iowa until a copy thereof, marked with allowance for use, has been received from the administrator.50.120(3) Viatical settlement contract advertisements should contain no more than the following:a.

• Viatical settlement contract issuers and registered agents of issu- ers must provide specific, written disclosures of risk to Iowa investors at the time of the initial offer to sell a viatical settlement contract.

• The term does not include an34 attorney, accountant or financial planner retained to represent the35 viator whose compensation is paid directly by or at the direction of the36 viator.37 "Viatical settlement contract" means a written agreement entered38 into between a viatical settlement provider and a viator.

• As used in this Article:…(11) "Viatical settlement contract" means a written agreement establishing the terms under which compensation or anything of value will be paid, which compensation or value is less than the expected death benefit of the policy, in return for the viator's assignment, transfer, sale, devise, or bequest or devise of the death benefit or ownership of any portion of the policy.

• When used in this Chapter, unless the context otherwise requires:…(13) "Viatical settlement contract" means an agreement for the purchase, sale, assignment, transfer, devise, or bequest or devise of all or any portion of the death benefit or ownership of a life insurance policy or contract for consideration which is less than the expected death benefit of the life insurance policy or contract.

More Definitions of Viatical settlement contract

Viatical settlement contract means an agreement for the purchase, sale,

Viatical settlement contract means a written agreement

Viatical settlement contract means a written agreement between a viator and a viatical 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 viator's present or future assignment, transfer, sale, devise, or bequest of the death benefit or ownership of any portion of the insurance policy or certificate of insurance.

Viatical settlement contract means any of the following:

Viatical settlement contract means a written agreement establishing the terms

Viatical settlement contract means an agreement for the purchase, sale, assignment, transfer, or devise of all or any portion of the death benefit or ownership of a life insurance policy or contract for consideration which is less than the expected death benefit of the life insurance policy or contract. "Viatical settlement contract" does not include:

Viatical settlement contract means an agreement for the purchase, sale, assignment, transfer, devise, or bequest of any portion of the death benefit or ownership of a life insurance policy or certificate, for consideration that is less than the expected death benefit of the life insurance policy or certificate. "Viatical settlement contract" does not include: