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Life Settlement
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DEFINITION OF LIFE INSURANCE CONTRACT


The acting part of the life insurance policy that is a binding legal agreement. The contract will stipulate the required actions of a policy owner (timely premium payments) and the life insurance company (payment of death benefit). The contract also describes all additional terms and provisions of the life insurance policy. The contract also includes the application for insurance and medical exam that were completed prior to the issuance of the policy by the life insurance company.

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