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Life Settlement Glossary
- temporary life insurance agreements
- A legal agreement that grants conditional temporary coverage
between a life insurance company and a policyowner while a policy is
- 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
- 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.
- 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.
- An the individual responsible for fulfilling the requirements of a
- 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.
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