A life settlement is a transaction in which an insurance policy
owner sells a life insurance policy to a third party for an amount
that exceeds the policy's cash surrender value, but is less than
the expected death benefit of the policy. Reports indicate that the
life settlements market had experienced robust growth up until 2007
when it was estimated that $12 billion in face amount, or stated
benefit, amount, of life insurance was sold in life settlement
transactions. More recently, the amount sold has declined. This
book outlines the Life Settlements Task Force's findings about the
life settlement market and recommends that the Commission consider
certain actions to improve market practices and regulatory
oversight.
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