A life settlement provider shall disclose the information specified in this section to the policyholder or certificate holder entering the life settlement contract, not later than the date on which the life settlement contract is signed by all parties. The disclosure must be in the manner prescribed by the Director of the Department of Consumer and Business Services. The information must include the following:
(1) Possible alternatives to life settlement contracts for persons with terminal illnesses or conditions, including but not limited to accelerated benefits offered by the issuer of the life insurance policy.
(2) The fact that some or all of the proceeds of the life settlement may be taxable, and that assistance should be sought from a personal tax advisor.
(3) The fact that the life settlement could be subject to the claims of creditors.
(4) The fact that receipt of a life settlement may adversely affect the recipient’s eligibility for Medicaid or other government benefits or entitlements, and that advice should be obtained from the appropriate agencies.
(5) The right of a policyholder or certificate holder to rescind a life settlement contract as provided in ORS 744.341. The disclosure shall state the deadlines for rescission and return of proceeds received.
(6) The date by which the funds will be available to the policyholder or certificate holder and the source of the funds. [1995 c.342 §14]
Section: Previous 744.336 744.338 744.340 744.341 744.343 744.345 744.346 744.348 744.350 744.351 744.353 744.355 744.356 744.358 744.360 NextLast modified: August 7, 2008