Oklahoma Disclosure Statement
The State of Oklahoma requires that Viatical & Life Settlement Brokers be licensed by the Department of Insurance in order to transact business with residents interested in a Viatical or Life Settlement transaction.
Welcome Funds Inc. is licensed as both a Viatical Settlement Broker & a Life Settlement Broker.
For more information, please visit the website for the Oklahoma Department of Insurance or contact them directly at (405) 521-2828.
Disclosure to Oklahoma Residents
This disclosure is provided to adhere to the Oklahoma Statutes regarding Viatical and Life Settlements. Per Oklahoma Statutes os_36-4041-4052 and os_36-4085-4096 and The Oklahoma Insurance Regulations Title 365, Chapter 25 Subchapters 11 and 13 pertaining to viatical and life settlements respectively. This disclosure is to translate overall general industry terminology into specific definitions that the Oklahoma Statutes define for residents of Oklahoma.
Per the Oklahoma Statutes, §36-4042.,1.-7. Definitions. (From the Viatical Settlement Act).
Oklahoma Statutes do not specifically define a Viatical Settlement.
The definition of a viatical settlement may be derived by looking at sections 1. - 6. of §36-4042 of the Oklahoma statutes which includes the following definition. A "viator" "means the owner of a life insurance policy insuring the life of a person with a catastrophic or life threatening illness or condition or the certificate holder who enters into an agreement under which the viatical settlement provider will pay compensation or anything of value, which compensation or value is less than the expected death benefit of the insurance policy or certificate, in return for the viator's assignment, transfer, sale, devise or bequest of the death benefit or ownership of the insurance policy or certificate to the viatical settlement provider."
Due to the fact that viator sells a policy where the Insured has a catastrophic or life threatening illness or condition, a Viatical Settlement means that in Okalahoma it is an agreement that is solicited, negotiated, offered, entered into, delivered, or issued for delivery in this state under which a person pays compensation or anything of value that is less than the expected death benefit of a policy insuring the life of an individual who has a catastrophic or life-threatening illness or condition in return for the policy owner’s or certificate holder’s assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy.
Per the Oklahoma Statutes, §36-4086.,1.-8. Definitions. (From the Life Settlement Act)
A Life Settlement is specifically defined per §36-4086 as the following in section 2. "Life settlement" means an agreement that is solicited, negotiated, offered, entered into, delivered, or issued for delivery in this state under which a person pays compensation or anything of value that is less than the expected death benefit of a policy insuring the life of an individual who does not have a catastrophic or life-threatening illness or condition in return for the policy owner’s or certificate holder’s assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy."
While discussing this transaction with others members of our industry or viewing portions of Welcome Funds Inc.’s website, you may see or hear differing terminology used. The differing terminology is used for other states definitions, and has also been used throughout the industry prior to any individual state’s legislative or regulatory actions or definitions.
The following terms used in the industry are meant to refer to both a viatical settlement and a life settlement as defined in or derived from the Oklahoma’s Statutes:
- Settlements
- A Settlement
- A Life Insurance Settlement
- Life Insurance Settlement
- Life Insurance Settlements
- Viatical & Life Settlement
- Viatical & Life Settlements
- Viatical and Life Settlement
- Viatical and Life Settlements
- Viatical and Senior Settlement
- Viatical and Senior Settlements
- Viatical and Senior Life Insurance Settlement
- Viatical and Senior Life Insurance Settlements
The following terms used in the industry are meant to refer to a viatical settlement as defined in or derived from the Oklahoma’s Statutes:
- Viatical
- Viaticals
- Viaticate
- Viatical Settlements
- Viatical Life Insurance Settlement
- Viatical Life Insurance Settlements
The following terms used in the industry are meant to refer to a life settlement as defined in or derived from the Oklahoma’s Statutes:
- Life Settlements
- Senior Settlement
- Senior Settlements
- Senior Life Settlement
- Senior Life Settlements
- High Net Worth Transaction
- High Net Worth Transactions
- Senior Life Insurance Settlement
- Senior Life Insurance Settlements
What Is The Next Step?
- Learn more about Life Settlement Process.
- Review the qualification requirements for a Life Settlement.
- Read the most frequently asked questions on Life Settlements.
- Analyze the tax implications of a Life Settlement.
- Examine some recent Life Settlement Case Studies.
- Request our Free Educational Package or visit our Download Center!