Maine Life Settlement Appraisals
The basic concept of a life settlement transaction is the same no matter where the transaction takes place. Though a standard specific license is necessary for a broker or agent to conduct a life settlement in the state of Maine, Maine life settlements differ from other states. A Maine life settlement is not different in the nature of transaction itself but in the license criteria met by the conducting broker and life settlement provider of the life settlement transaction. Enacted laws in Maine regarding life settlements say that settlement providers must be specifically licensed. Each state has their own set of requirements to be met to obtain these licenses.
In the state of Maine, the current policy holder is the sole individual with selling power over the policy. These are among several Maine life settlement laws that have been activated to protect policy holders and to reassure the protection of all their interests in transferring their life insurance policy. Maine is also still drafting and passing bills that deal with life settlement requirements and their interactions with Medicaid and life insurance companies. Soon enough, the Maine life settlement plan will be uniformly known and understood by all Maine resident policy holders.