LIFE SETTLEMENT GLOSSARY EXAMPLE

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MALE - Age 69
$500,000 10 Year Level Term
  • $1,985 Annual Premium
  • $13,882 Conversion Annual Premium

Life Insurance Settlement Amount of $16,500

A retiree was about to drop his expiring term policy when he discovered it could be converted and sold using a life settlement. As a result of the sale, he recovered most of the term premiums he had paid over the past ten years and used the proceeds to offset the cost of an extended tropical vacation.

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A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z

T

temporary life insurance agreements
A legal agreement that grants conditional temporary coverage between a life insurance company and a policyowner while a policy is being underwritten.
term life insurance
A temporary form of life insurance designed to cover a time horizon that is statistically shorter than the insured's underwritten life expectancy.
terminally ill
For life and viatical life settlements, an insured whose life expectancy is under two years.
tertiary market
The sale of a life settlement policy from one investor to another.
transparency
Within the life settlement industry, the full disclosure of all aspects of a life settlement including all offers received and anticipated or actual commissions paid.
treaty reinsurance
A standing reinsurance agreement between a reinsurance company and a ceding life insurance company.
trust agreement
A legal agreement where a grantor transfers property to another person or organization who administers the property for the benefit of a third person or persons.
trustee
An the individual responsible for fulfilling the requirements of a trust agreement.
twisting
A prohibited insurance sales practice whereby a life insurance agent induces a policyowner to replace a life insurance policy when such action is contrary to the policy owners best interest.