Posted by Lloyd Silver on Wed, May 6, 2009 @ 06:55 AM

In light of the current economic environment, we have created "Simple Solutions for Difficult Times - 9 Tips to Boost Your Revenue with Provada".

Posted by Nickelle Leist on Tue, Jun 17, 2008 @ 07:18 AM

The following is a newsletter put out by National Underwriter on STOLI (Stranger Owned Life Insurance). 

BY MATT BRADY    
Washington Bureau -- NU Online News Service, June 12, 2008, 5:07 p.m. EDT

Ohio Gov. Ted Strickland today signed into law a bill that was written in an effort to root out stranger-originated life insurance.

The new amendments to Ohio insurance law “recognize a shared responsibility of the life settlement industry, life insurance companies and the [insurance] department to protect consumers against STOLI transactions,” says Mary Jo Hudson, director of the Ohio Department of Insurance.

The bill, H.B. 404, officially amends the state Viatical Settlement Act. Under the new law, the department will have more authority over life settlements, and life settlement brokers and providers are required to give insurers more information before engaging in a life settlement.

Life insurers will have to ask specific questions aimed at uncovering STOLI schemes and report suspected schemes to the department.

The Ohio law also limits the ability of consumers who use certain types of premium financing arrangements to sell life insurance policies within 5 years of buying the policies.

Posted by Nickelle Leist on Mon, Jun 16, 2008 @ 07:04 AM

One of the inescapable facts of life settlements is that they take longer than anyone involved wants. But, according to speakers at the recent Life Insurance Settlements Association conference in Washington, D.C., there may not be much anyone can do about it.

“Certain steps have to be done,” such as the underwriting and evaluating of a policy, noted Scott Kirby, co-president of business development and compliance issues for Orlando-based Advanced Settlements LLC.

Posted by Bob Burton on Wed, Feb 20, 2008 @ 04:12 PM

Despite the likelihood of increased regulation of life settlements and of those who play a role in arranging for life settlements, as well as longer life expectancies potentially leading to lower offers, it is expected that the life settlement industry will continue to grow and flourish, especially with more and more institutional money entering the picture.

Posted by Vickie Bianculli on Fri, Sep 7, 2007 @ 06:00 AM

Knowing the basic timeline prior to submitting a case allows you to set expectations, which gives you and your client a better idea of what to expect. Below is the process and timeline we utilize at Provada, which is fairly typical of well-run Brokerage General Agencies. The first part of this post is specific to life insurance policies while life settlement processing is discussed at the end.

APPLICATION SUMBISSION:

• Allow 4-6 weeks for a simple application.
• Most Brokerage General Agencies (BGAs) process applications within 24 hours of receipt.
• If medical records are required, allow for 2 additional weeks. This can vary depending on the applicant’s doctor’s ability to get the records out to the BGA.

UNDERWRITING REQUIREMENTS:

• Clients are typically contacted by the paramedical firm with 24 hours of the requirements being ordered.
• BGAs are typically updated weekly by the paramedical facility.
• Once the exam is completed, results are received within 5-7 working days.
• An average turn around time of 10-14 working days for medical records ordered from doctors and medical facilities.

Posted by Lloyd Silver on Thu, Sep 6, 2007 @ 01:52 PM

Several life settlement providers have recently launched small face amount programs for policies under $500,000. Backed by large institutional funding, the "SFP" program is a simple and fast way to include Life Settlements in your insurance practice!

With just the application and illustration, your client can receive a competitive Life Settlement offer for qualifying policies!