In order to be a licensed life settlement broker a person must complete which of the following
Please contact to request a copy of your license. The 15 hours of continuing education that a broker must complete during each two-year license period must include: Exemptions: A life settlement broker is not subject to the requirements if: Surrender by paper form: Fill out the Application for Renewal, Surrender, or Change of Information for Life Settlement Provider or Broker (Form FIN431). You can ask for a letter of certification
(proof you have a license in Texas) by going to Sircon. You will need to pay $11, plus any additional fees Sircon might charge. Apply for a licenseYou do not need to take an exam for a life settlement broker license. Fingerprint background check
Application: individual or agency
Temporary licenseA temporary license is not offered for a life settlement broker license. Emergency licenseAn emergency license is not offered for a life settlement broker license. Provisional permitA provisional permit is not offered for a life settlement broker license. Laws: Texas Insurance CodeLife Settlements are licensed under Texas Insurance Code (TIC) Chapter 1111A and regulations are found in 28 Texas Administrative Code (TAC) Chapter 3. Life Settlements can be both an insurance product and a securities product. This may subject them to the jurisdiction of the Texas Department of Insurance and the State Securities Board (SSB). However, only the initial transaction, which is the sale of the policy from the initial policy owner to the provider (negotiated by the broker) is regulated by the Texas Department of Insurance. What is a life settlement broker?WHAT IS A LIFE SETTLEMENT BROKER? A life settlement broker, on behalf of the owner of a life insurance policy, offers or attempts to negotiate life settlement contracts between the owner and life settlement providers.
What does a life settlement broker represent quizlet?Life settlement broker is a person who, for compensation, solicits, negotiates, or offers to negotiate a life settlement contract. Life settlement brokers represent only the policy owner.
How do you qualify for a life settlement?Life insurance policies that qualify for a life settlement must be at least two years old, and the death benefit on the policy should be at least $100,000. While universal life, is the most common policy purchased, convertible term, whole life, and second to die policies can qualify for a life settlement as well.
Which of the following best describes the owner of a life settlement contract?Chapter 4-Primerica. |