The life settlement contract definition can have more than one meaning. If you are a seller you may be interested in a life settlement which is basically selling your unwanted or unneeded individual life insurance to a third party instead of allowing your policy to be surrendered for the cash value that the issuing carrier offers or allowing a life policy with no internal cash value to simply lapse for lack of payment or future premium obligations. Your life settlement contract definition may be one with a broker or settlement companies stating that you agree to deal solely with them and not engage in similar activity with another broker. This step is typically taken to control the number of times a funder may see the same life policy which duplicated efforts on all engaged parties and can result in a lower offer for the seller. Another life settlement contract definition may be the actual legal agreement a seller enters into when transferring ownership to a seller of their unwanted life insurance policy. If you are a senior and own life insurance which you no longer need please visit our LIVEpdq link for a free review.