Minnesota Life Settlement
Minnesota Life Settlements
A life settlement is when a life insurance policy holder decides to sell his or her unneeded, unwanted or unaffordable policy to a third party individual or settlement provider company for cash. Minnesota life settlement has regulations for all of its transactions. Like almost all states, specific licensing is required for a Minnesota life settlement. The criteria for these licenses is changing with the market and a renewed license is needed for a life settlement agent with each addition to the appropriate bills.
The Minnesota life settlement laws are formulated to protect the policy holder by providing a transparent transaction. The Minnesota Insurance Department requires brokers to make the entire life settlement process, from application to final settlement, clear and understandable for the consumer. Brokers are also required to complete an anti-fraud plan and file it with the department. If this preventative plan should fail, back up plans of proper filing of incriminating documents is then required.
Maximum protection is offered for Minnesota life settlement applicants’ personal medical and financial information. Newly revised confidentiality clauses and agreements have been added to many states’ life settlement laws.