NU Online News Service, April 4, 1:35 p.m. – Living Benefits Financial Services L.L.C., Minnetonka, Minn., says it has obtained error and omission insurance coverage for the brokers in its distribution network.
Living Benefits helps consumers convert life insurance policies into cash. It has tried to set itself apart from other companies in the life settlement and viatical markets by using institutional financing and promising to adhere to a strict code of conduct.
The professional liability coverage comes from an A+ rated carrier, and it will cover all contracted, independent brokers for transactions completed through Living Benefits, Living Benefits says.
The limits are $5 million per claim and $10 million aggregate, Living Benefits says.
Living Benefits says it will pay the premiums for its brokers.