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Seq. Additional information may also be required by the Commissioner of Banking and Insurance as deemed necessary in the course of reviewing the information submitted. Submit the application, including all of the items identified on the VIATICAL SETTLEMENT PROVIDER LICENSING APPLICATION CHECKLIST, in a threering hard cover binder that identifies the submission on the front and spine of the binder to the: New Jersey Department of Banking and Insurance Division of Life & Health Viatical Settlemen.

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In a viatical settlement, the insured has a life expectancy of two years or less. The investor in a viatical settlement pays all future premiums left on the life insurance policy and becomes the sole beneficiary of the policy when the insured dies.

NOTE: Once a policyholder receives settlement funds, he or she has a “10-day free-look period” in which to change his or her mind and cancel the settlement. The settlement funds must be returned to the viatical provider in order to cancel the viatical settlement under the free look provision.

Life Settlement Provider License Renewal The term for the Life Settlement Provider license is one year.

A. Each viatical settlement provider shall file with the commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may prescribe by regulation. Such information shall be limited to only those transactions where the viator is a resident of this state.

To be eligible for a viatical settlement, the policyholder must be terminally ill or chronically ill with a life expectancy of fewer than two years. Most types of policy types qualify for a viatical, including term life. The average payout of a life insurance sale is 4-6 times the policy's cash surrender value.

Many state insurance commissioners license the companies that buy viatical settlement to sell to investors and may have information about a specific company or viatical settlements in general.

Typical viatical settlements sell for 50-70% of the death benefit value.

A viatical settlement provider is the person or company that buys the life insurance policy. The viatical settlement provider becomes the policy owner, must pay any premiums that are due, and eventually collects the full amount of the death benefit from the insurance company.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232