Arizona Life Settlements
Arizona has a booming insurance industry and has enacted several life settlement laws. Any agent who solicits and negotiates the sale of an Arizona life settlement must be licensed specifically in the state of Arizona and must strictly obey Arizona transaction regulations. Such regulations regarding an Arizona life settlement were passed with the goal to benefit the policy holder when they sell their policy to such a financial institution.
Arizona life settlements resemble insurance transactions in other states. Recently, seniors have more frequently witnessed their friends or acquaintances refer to life settlements as a means to receive a cash payment in exchange for their life insurance policy. Insurance policies vary for every state and every individual and must be evaluated on a case-to-case basis.
Because many life insurance policy holders have chosen Arizona to retire, it is a hub for many insurance agents, life settlement brokers, specified lawyers and other officials that aid the process of selling unwanted or unneeded life insurance policies to investors through an Arizona life settlement.
Arizona statutes have been edited within the last decade for binding life settlement contracts to include various disclosures, audit reports, rescission features, filings, etc. The statutes and licensing provisions for an Arizona life settlement are designed to assist and shield the public. If a life settlement company broker is not licensed in Arizona, they should either seek to acquire this license or work alongside a broker who already holds this official licensure.
An Arizona life settlement is under the regulatory statues modeled by the National Council of Insurance Commissioners. This council put forth standard regulations which most states have likened their state life settlement regulations after.