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We do not buy
or sell
viatical or life settlement contracts
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(not the actual cover)
  
In sympathy
with people
from 86 nations
who lost loved ones
on 9-11 | |
State Laws to Protect Sellers (Viators)
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this Web site went up in January 1998, half the states did not have any viatical regulation.
As of June 2001, all but 14 regulated viatical settlements for the protection
of those who sell their policies. However, most regulations apply
only to people who are terminally ill. Only a few states also regulate sales
from people who are elderly but not terminally ill (generally know as
"senior" or "life" settlements).
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| Most
states that
regulate viatical settlements do not require fingerprint checks or investigative
background checks. They expect applicants to tell the truth and hope that they do.
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| Viatical law should
state your rights as a seller (viator). These rights are not the same for all viators.
They differ according to the law of each state.
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| Most states require
financial statements, and contract forms must be approved before they may be used. Most
states require certain disclosures by viatical companies, and certain protections for
viators (sellers).
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| Some states issue
licenses to highly questionable companies, because they haven't the funds nor the staff to
check these companies and, it appears, officials from one state don't talk to officials in
other states often enough to keep them savvy.
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| The following states
have something on the books. That something may be nothing more than registration
of viatical funding firms and viatical brokers, or it may have elaborate details and no
means to enforce the laws. To find out if your state has adequate laws, contact your state
Insurance Department for a copy. If the state has a website, you may find the statutes at http://www.findlaw.com
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2005 UPDATE: Some states now allow
any insurance agent or broker who wants to solicit policy holders to do so on
whim -- without any training, without any qualifications whatsoever. This may
put seniors at risk, if an insurance agent tells the senior that this is the
best choice when it is the best deal for the agent. Be sure to get an outside
opinion from an estate planning attorney or qualified financial planner.
For lists of licensed
companies, click HERE
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