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The term today covers the sale, assignment, transfer, devise or bequest of the death benefit or any portion of an insurance policy or certificate of insurance for compensation less that the expected death benefit of the insurance policy or certificate.
Life Settlement also includes a loan or other lending transaction secured primarily by an individual or group life insurance policy or death benefit other than a loan by a life insurance company pursuant to the terms of the life insurance contract, or a loan secured by the cash value of a policy. It also includes an agreement to transfer ownership or change the beneficiary designation at a later date regardless of the date that compensation is paid to the seller.
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