alir
ALIR Company’s mission statement indicates that the company will serve all of its internal and external customers with the highest degree of ethics, moral principles, and professionalism.  The company adheres to a strict internal process, which aligns ALIR Company to meet all compliance standards regulated by the industry. An essential objective of the company is to continue to serve as an advocate in the regulation of the life settlement industry.

All of the company’s life settlement transactions undergo a rigorous compliance process, which includes the following steps.

    ALIR Company checks for the following:

    State of ownership licensing requirement -     Licensing requirements differ from state to state.  The following states are not regulated and therefore providers do not need to be licensed: Alabama, Arizona, District of Columbia, Hawaii, Idaho, Missouri, New Hampshire, Rhode Island, South Carolina, South Dakota, West Virginia and Wyoming.  The following states require providers to obtain a Life Settlement Provider license: California, Delaware, Illinois, Massachusetts, Michigan, Minnesota, New Mexico, New York, Oregon, Vermont, Washington and Wisconsin.  The following states require providers to obtain a Life Settlement Provider license: Alaska, Arkansas, Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Montana, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Utah and Virginia.

    Broker compensation requirements     - Compensation Disclosure requirements vary from state to state.  The states that do require such documentation require that prior to a life settlement contract being signed, the document containing the disclosure statement must be signed by the provider, broker or life settlement representative and by the viator.  The disclosure must include the amount and method of calculating the broker’s compensation.

Any other regulatory issues that may affect the purchase:
          A representation is a statement as to past or present fact, made to the insurer by, or by the authority of, the applicant for insurance or the prospective insured, at or before the making of the insurance contract as inducement to the making thereof.  A misrepresentation is a false representation, and the facts misrepresented are those facts which make the representation false.

          When an insured misrepresents facts in his or her insurance policy application, and such misrepresentations are material, the insurer may assert its right to rescind the policy.  The time allotted to rescind a life insurance policy is not indefinite.  Insurance Law in some states places a two-year limitation on the time in which an insurer may contest statements made on an insurance application.  This two-year period of time is known as the contestability period.

    A review of the medical report is conducted in order to validate the accuracy of the insurance application.

    If the policy is contestable, the Insurable Interest Questionnaire is completed.

    Insurable interest -
    Insurable interest is a condition in which the person applying for an insurance policy and the person who is to receive the policy benefit will suffer an emotional or financial loss if the event insured against occurs. Without the presence of insurable interest, an insurance contract is not formed for a lawful purpose and, thus, is void from the start.
 
Important Note: The aforementioned process is for ALIR Company and a similar process may be followed in other life settlement
broker companies.

In addition all the information contained in this website is not intended for use without professional advice.

However, the website information is to provide general information regarding life settlement transactions and how ALIR Company may provide a service to clients.  Consultation with legal, financial and/or tax advisors for guidance and counsel is highly recommended. ALIR Company disclaims any responsibility for any decisions made due to a visit to this website. ALIR Company reserves the right in its sole discretion to update and revise any materials contained in this website.

ALIR Company is an active member in good standing with LISA.