In order to participate in an Arizona life settlement transaction you will need to involve a broker that has been duly licensed by the Arizona State Department of Insurance. A broker that has become licensed to process an Arizona life settlement has taken the time to study the regulation to best understand the procedures, reasons why and why not to sell a policy and can steer you through the process of selling your unwanted or unneeded life insurance policy.
About five years ago the Arizona statutes were revised for viatical and life settlement contracts to incorporate various disclosures, audit reports, rescission features, filings, etc. If you are dealing with an entity that is not duly licensed to process an Arizona life settlement and either reside or had purchased your life insurance policy then you may be forced to become involved legal proceedings against an unlicensed broker. The statutes and licensing provisions for an Arizona life settlement are designed to help and protect the public and a broker that is involved with life settlements should know whether or not licensing is required in Arizona. If the broker is not licensed they should either seek to acquire this license or work with a broker who already holds this respective licensure and can assist your broker in these areas.
An Arizona life settlement can be a wonderful avenue for acquiring needed cash for living expenses or urgent financial issues but you don’t want to do this with any potential for legal implications. As mentioned before, the public’s interest are at heart for all of the regulations so it is doubtful you would ever get into trouble but you still do not want to be forced into these issues if your agent was not duly licensed. For assistance finding a duly licensed broker in Arizona please visit LIVEpdq.