Posted by The Policy Settlement Alliance on Thu, Aug 12, 2010 @ 04:40 PM
By Timothy A McQueen
When you choose to enter into a life settlement, you will be signing a life settlement broker agreement. The following is a general description of what a life settlement broker agreement consists of and how it will help you the consumer.
The life settlement broker agreement is good for a set amount of days, usually 180 days or an estimated 6 months. In the agreement, the owner of the insurance policy gives the broker permission to negotiate the sale of the life insurance policy on behalf of the owner. The agreement allows the broker to disclose certain private medical and financial information to the appropriate parties involved in the settlement transaction. This is considered an exclusive agreement and the sale of the particular policy cannot be shopped by any other broker or entity. The agreement will contain language holding the broker accountable for reasonable and diligent action in the sale of the policy. Finally, the agreement should include information regarding commission to be paid to the broker for the final sale of the policy.
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Posted by Alice Hood on Mon, Jun 28, 2010 @ 09:32 PM
By
Phillip J Powell
A life settlement broker agreement
is an agreement between an agent and a broker. These agreements can either be written or oral agreements. This agreement between the sales agent and the settlement broker, who is the liason between the settlement agent and the end fund. The purpose of a life settlement broker agreement is to facilite the processing, negotiating and finalizing of the offers. This agreement is very simular to any other broker and agent agreement.
A life settlement broker agreement is usually a performance based agreement. The more revenue a producer brings in the more they earn in commision. A producer's relationship with his broker can make or break a case. If the producer isn't with the right broker the process can be a very long and very unpleasant for their clients and can lead to the loss of a case.
A very important feature of a life settlement broker agreement in most cases is an exclusive one. When policies are being shopped to the end purchaser and it is being shopped by multiple brokers it actualy works against the producer and takes away the leverage for the negotiations. No one ever plays poker with their cards down. For more info please go to LivePDQ.
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Posted by Alice Hood on Mon, Jun 28, 2010 @ 09:32 PM
By Stephen A. Bailey
Is the Life Settlement Broker agreement
between the "agent" and the Life Settlement Advisor? Well, actually I think it is a customizable protection for the Senior. The Senior is told that the broker will get X interest rate on the sale of the policy and the Senior will get X interest rate on the sale of the policy and so on. So there is no question about what was said, there needs to be a broker agreement with the Senior.
This way the Senior will know what to expect in the sale of his/her policy and who gets what in the transaction. The broker is going to get a set amount and that amount usually does not very from one contract to another. In fairness and equality of the transaction, you cannot give one client 12% and another 8% (usually of the death benefit, ie; a million dollars, etc.). All transactions need to be uniform. However there are individual deals made with certain clients, and most of those transactions are Premium financing, not so much in Policy sales.
What would constitute variance in "agreements" with the Life Settlement Broker. Expense is one. All Life Expectancy costs (LE's) have to be subtracted from the sale. The investors take may vary a little from case to case and that has to be an adjustment in the sale. So, the broker agreement needs to include that there are extenuating circumstances, added costs, that would affect the sale and the amount to the Senior and all of this needs to be written in a clear and concise agreement between the broker and the client.
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Posted by Alice Hood on Mon, Jun 28, 2010 @ 08:28 PM
by Stephen A.Bailey
Life settlement broker agreement
- who is involved? The first thing that happens is a life insurance agent has a client, generally, or knows of a potential client through a friend or another advisor, who has a life insurance policy, is in the 70+ age group and who does not need the life insurance policy any longer for the reasons of Unaffordable, unwanted, unneeded or unsuitable. Or, the client approaches the agent with his concerns about the policy and the agent begins the process of exploring for the client, the feasibility of selling his policy so it won't expire worthless.
The life settlement broker agreement is the agreement between the seller, or client and the broker he has chosen to market his policy. It is an agreement that if they can sell his policy that it will most likely be between certain percentages that are normally accepted in such transactions. The life settlement broker agreement also exists to make sure that every party to the transaction including the agent that brought the business in the first place and the investors that bid on the business, all know what can be done and what cannot be done.
The very bottom line to the client and the agent is that a life settlement broker agreement is important to ensure that the life settlement is done in the way of efficiency and to effectively unlock the inherent value in their policies for a standard and decent return.
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Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Fri, Jun 25, 2010 @ 04:00 PM
By Marlin E Leisher
Life settlement broker agreement
is truly nothing different, than offering two dollars for the five pounds of potatoes. A seasoned life settlement broker agreement is traditionally an offer to the agent of the insured. After much homework the seasoned life settlement broker will work closely with the insured, their family, and their advisors.
Describing the energy to comfort those parties and show them what at life settlement takes and the reason why we need a life settlement broker agreement. A brief bit of infomation is that it takes between twenty to a hundred hours of work, go into creating a life settlement file and getting that file out to market for life settlement funders to review goes into every policy that is offered for sale. This does not include the interaction between the agent and his client to gather enought information for the life settlement broker to work be able to start their work on the file.
The life settlement broker agreement is more often than not a very stressful condition than we care for. Mostly, the problem arises when the highest bidder makes his life settlement broker agreement to the broker and the requirement is that all the paperwork which are called “closing documents” must be returned to them in a very short period of time. Most of us would consider this type of action a sells ploy however and unfortunately this is not the case. Its’ kind of first come first serve that fits the criteria of this investment.
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Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Fri, Jun 25, 2010 @ 04:00 PM
By: Amie M Wirth
Entering into a life settlement broker agreement
is an important part of the life settlement process. Many clients do not understand the importance of a life settlement broker agreement, but without one be it verbal or written there are bound to be issues. The most common issue is loss of control of the policy.
A life settlement broker agreement usually gives the broker the exclusive right to work on the life settlement. This is important because policies that have been “over shopped” will elicit lower offers from funders than a policy that has only been seen from one broker.
The funders want to make sure that the person they are dealing with has direct access to the client and that they can work on the clients behalf. These funders will, often times request a copy of the life settlement broker agreement so that they are assured of the connection between the client and the broker.
Click the Live PDQ button to see if a life settlement is right for you.
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Fri, Jun 25, 2010 @ 02:08 PM
By Marlin E Leisher
A life settlement broker agreement
is crutial for the life settlement broker who is a key player in the settlement process. Consider a Life Settlement Broker the necessary middleman in settlement transactions having the life settlement broker agreement helps them do their job. A Life Settlement Broker brings together the client who wants to sell a policy and the buyers/funders that want to purchase policies.
It is the responsibility of the Life Settlement Broker to put together a package consisting of applications, policy information, and pertinent information regarding the client. The life settlement broker agreement helps the broker show the funders that there is a link between client and the broker. For a fee or commission the package is then shopped to multiple buyers to see who can offer the best price for the policy.
It pays dividends to have a Life Settlement Broker who is knowledgeable and experienced and one that has a clear and consise life settlement broker agreement. In many cases time is of the essence. The package presented to buyers must be thorough and accurate. In addition an experienced Life Settlement Broker knows which buyers are the easiest to work with to get the settlement closed in a timely and professional manner. Click our LivePDQ button and see if we can help you.
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.