A life settlement, also referred to as a viatical settlement, is a transaction involving the sale of an interest in a life insurance policy by the owner of the policy. It is illegal for any person to act as a life settlement broker or provider for a life insurance policy owned by an Idaho resident unless the broker or provider has complied with the licensing requirements of the law. In addition, it is a violation of the Life Settlements Act to enter into a life settlement contract within two years of the date a policy was issued unless special circumstances exist (as defined by the act.) Idaho offers both a Life Settlement Broker license and a Life Settlement Provider license.
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