Understanding Viatical Settlements

American Viatical makes certain that each viatical settlement case is presented to all qualified viatical settlement Funders. "Shopping the case" to all appropriate viatical settlement Funders is vitally important, because the amount of money available to buy viatical settlement insurance policies varies greatly among viatical settlement Funders. Every viatical settlement Funder has its own business model, actuaries, underwriters, and sometimes in-house medical staff to review every aspect of the viatical settlement case. We orchestrate the bidding amongst the viatical settlement Funders to secure top dollar for each viatical settlement case. And, we make certain that the viatical settlement policy owner is constantly updated on progress.

The typical transaction takes between six to eight weeks to complete. The funding company will need to review the insured's medical records for the past three to five years to determine a life expectancy. The life insurance company must create a series of hypothetical illustrations, in addition to providing verification of policy details and features. Everything must be put in the hands of the Life Settlement and Viatical Settlement Provider, before a bid will be forthcoming.

When the viatical settlement policy owner accepts an offer, American Viatical instructs the winning Funder to overnight a Closing Package. The viatical settlement Funder's contract spells out every detail of the transaction. We recommend that the viatical settlement policy owner consult with professional legal and accounting advisors. If the viatical settlement insurance policy owner accepts the offer, all paperwork and the original policy must be returned to the Funder within a specified period of days. The viatical settlement funder moves the viatical settlement money into escrow, and submits paperwork to the insurance company for changing ownership and beneficiary. American Viatical's Funders are obligated to bank wire the viatical settlement funds within three days of ownership and beneficiary change. Many Funders include a "Fifteen-Day Rescission" clause, even when not mandated by the state of policy domicile. If the viatical settlement insurance policy owner sends back all the money within fifteen days, the viatical settlement transaction will be voided and original policy returned. Should the viatical settlement insured die within these fifteen days, the contract is voided and death benefit proceeds paid out as originally specified, after the viatical settlement monies are returned. Absent either of these events, on Day Sixteen the viatical settlement transaction is complete.

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