Life expectancy is used in the calculation of which of the following?
Life Settlement
Which of the following best defines the owner of a life settlement contract?
A person who is selling the contract
The person who, for compensation, solicits, negotiates, or offers to negotiate a life settlement contract is the
A
Life settlement broker.
An investor buys a life policy on an elderly person in order to sell it for a life settlement. This is an example of
A STOLI policy.
The form used to establish the terms for both parties when a person sells his life insurance policy to a 3rd unrelated person is called a
Life Settlement Contract.
In order to be a licensed life settlement broker, a person must complete which of the following requirements?
Submit fingerprints
What is the minimum age for applying for a life settlement broker license?
18
Stranger-originated life insurance policies are in direct opposition to the principle of
Insurable interest
In a life settlement contract, who does the life settlement broker represent?
The owner
Which of the following is NOT considered Business of Life Settlement?
A producer discusses the advantages of a universal life policy and how the flexible premium allows the owner to control the cash value and death benefit income.
Life settlement contracts must be approved by which of the following?
The Superintendent of Insurance
Under the Privacy Rule for HIPAA, protected information includes all individually identifiable health information
Held or transmitted in any form.
If an association is applying for a life settlement broker's license, which of the following requirements must the association meet?
Authorize a natural person to act individually as a broker
Which of the following terms means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors?
Life expectancy
Which of the following is NOT true of life settlements?
The seller must be terminally ill