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Practice Management > Compensation and Fees

Quiz question: gross offer for a policy versus net payout?

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The question was: Which state legislature is considering a bill that would require companies involved in arranging a life settlement deal to give the policy seller a statement showing the difference between the gross offer for the policy and the net amount to be paid to the owner?
a) Louisiana
b) New York
c) Ohio
d) Utah

The answer is: b, New York. The bill would also require the agreement to list all fees and compensation to the broker and other deal participants. And it would prohibit the parties involved in arranging a settlement from releasing information about the identity of an insured without the insured’s consent. For more information, click here