Get the free APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER - scc virginia

BUREAU OF INSURANCE VIATICAL SETTLEMENT PROVIDERS CHAPTER 60 OF TITLE 38. 2 OF THE CODE OF VIRGINIA REQUIREMENTS FOR OPERATING IN VIRGINIA All citations to the insurance statutes of Virginia are in Title 38. 2 of the Code of Virginia* No person shall act as a viatical settlement provider with a resident of this Commonwealth without first obtaining a license from the Bureau of Insurance Bureau. To be considered for a license an applicant must submit a completed Application for Initial...

How to fill out application for initial license

How to fill out APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER

1. Obtain the APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER form from the relevant regulatory authority or website.
2. Read the instructions carefully to understand the requirements for submission.
3. Fill out the applicant's information, including name, address, and contact details.
4. Provide details of the business structure (e.g., corporation, partnership) as required.
5. Submit financial statements as stipulated, indicating the financial health of the applicant.
6. Include background information and qualifications of key personnel in the organization.
7. Attach any necessary supporting documents, such as proof of business registration and compliance with state laws.
8. Pay the required application fee as stated in the instructions.
9. Review the completed application for accuracy and completeness.
10. Submit the application to the appropriate regulatory authority before the deadline.

Who needs APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER?

1. Individuals or companies intending to operate as viatical settlement providers.
2. Investors looking to purchase life insurance policies for investment purposes.
3. Businesses seeking to provide services related to viatical settlements.

People Also Ask about

Do life settlement brokers need to be licensed?

Individuals Licensed as a Life Agent for At Least One Year Step 1 - Not later than ten days from the first day of operating as a life settlement broker, life agents licensed in California for at least one year must complete a Life Producer Notification of Brokering Life Settlements, form LIC 441-20N.

Who is a viatical settlement provider?

A viatical settlement provider is the person or company that buys the life insurance policy. The viatical settlement provider becomes the policy owner, must pay any premiums that are due, and eventually collects the full amount of the death benefit from the insurance company.

What are the requirements for a viatical settlement?

To be eligible for a viatical settlement, you must have a life-threatening illness, an estimated insured's life expectancy of two years or less, and a life insurance policy with a face value of $150,000 or more.

How much is paid in a viatical settlement?

How much can I get? VSPs pay a lump sum usually from 50% to 85% of the face value of your policy, depending on your life expectancy. ADB options usually pay 50% to 80% of the face value of your policy. You may be able to choose between a lump sum or monthly payments.

How much does a viatical settlement broker make?

Life Settlement Broker Salary Annual SalaryMonthly Pay Top Earners $98,500 $8,208 75th Percentile $75,000 $6,250 Average $66,677 $5,556 25th Percentile $48,000 $4,000

How to become a viatical settlement provider?

Yes, in most cases, to become a viatical settlement provider, a company or a broker must be licensed as an insurance professional for at least one year. In some states, they must also complete a viatical settlement training course before they can be certified.

What are the requirements for a viatical settlement?

To be eligible for a viatical settlement, you must have a life-threatening illness, an estimated insured's life expectancy of two years or less, and a life insurance policy with a face value of $150,000 or more.

For pdfFiller’s FAQs

What is APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER?

The APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER is a formal request submitted to the appropriate regulatory authority, seeking permission to operate as a viatical settlement provider. This application outlines the applicant's qualifications, business practices, and compliance with relevant laws.

Who is required to file APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER?

Individuals or businesses wishing to offer viatical settlement services, which involve purchasing life insurance policies from policyholders who are terminally ill or have a shortened life expectancy, are required to file this application.

How to fill out APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER?

To fill out the application, applicants must provide accurate and detailed information about their business structure, financial stability, operating procedures, and any relevant backgrounds of key personnel. It is essential to follow the specific guidelines and instructions laid out by the regulatory body.

What is the purpose of APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER?

The purpose of this application is to ensure that viatical settlement providers meet regulatory standards and protect consumers by verifying the legitimacy and operational capability of the firms engaged in these transactions.

What information must be reported on APPLICATION FOR INITIAL LICENSE AS A VIATICAL SETTLEMENT PROVIDER?

The application must report information such as the applicant's business details, ownership structure, financial history, compliance with state laws, backgrounds of management or key personnel, and any prior violations or disciplinary actions. It may also require disclosures related to business practices and financial projections.