The Department of Consumer and Business Services (DCBS) requires a $100,000 Life Settlement Provider Bond to be filed by life settlement providers for their licensing. The bond is used to ensure that the life settlement provider will conduct business honestly.
With Jet, you will find the lowest prices for the Life Settlement Provider Bond. Our team is committed to enhancing efficiency to maximize your savings.
When you purchase with Jet, a Life Settlement Provider Bond can cost as low as $750 annually or $75 monthly. Jet takes out the middlemen to make sure that you are getting the lowest rate for your bond, cutting out broker fees and commission-based rates.
Ultimately, the rate that is approved during your application may vary from the example shown above, which is for a preferred tier risk (most do qualify for that rate). The underwriting process will evaluate criteria such as personal credit and business information to determine the cost and your Life Settlement Provider Bond will be ready for purchase right away.
With such a high bond limit, rates for the bond can be over $1,000. To counteract high rates for the bond, Jet offers monthly payments that start as low as $75.
Yes, Jet will file the Life Settlement Provider Bond for you! Once the bond has been purchased, the bond form will be completed by our team, validating the bond with a surety seal and signature. Other companies will mail the bond to you to send in to the DCBS; Jet will send the bond directly to the DCBS for filing, saving you shipping costs and placing your bond in effect sooner.
If the Life Settlement Provider Bond must be mailed to you (as may be the case for new applicants), please forward the original bond along with any licensing paperwork to the DCBS at the following address:
Department of Consumer and Business Services
Insurance Division — 4
P.O. Box 14480
Salem, OR 97309-0405
This bond is required for a life settlement provider to receive their license and serves as a means to protect the public from fiscal damages when a life settlement provider violates the licensing regulations. A life settlement provider is anyone other than a life insurance policy owner that executes a life settlement contract, or the transfer of ownership from the policyholder to a third party for compensation. The bond helps regulate a life settlement provider’s actions by providing reimbursement if a life settlement provider fails to follow regulations, such as failing to issue a lawful life settlement contract.
Yes, if you cancel your bond with Jet, you will receive a refund for the time that is unused. Once a cancellation has been requested, Jet will contact the DCBS to end its liability on the bond. The DCBS will keep the bond in effect for an additional 60 days before the cancellation is effective. This period of time will affect your refund since the bond is still active; but Jet will never apply cancellation fees or withhold commissions from the refund like other insurance companies would. Your refund is a reflection of the time that was left unused at the time that the bond is no longer valid.
For monthly payments, cancellation is easier, but may require an additional payment or two to account for the 60 days before the cancellation is effective by the DCBS. Each payment that is received keeps the bond in effect for the month; if cancellation is requested, Jet will contact the DCBS to begin the 60-day period.
If a claim is filed against your Life Settlement Provider Bond, Jet will always investigate the validity of the complaint. An investigation into the complaint will begin, taking evidence from both the life settlement provider and the claimant. The investigation usually concludes within 45 days from when it was started. Additional time may be requested to complete the investigation. If the complaint is not upheld, the bond will not be impacted.
However, if the complaint is proved valid and a life settlement provider is found in violation of the licensing standards, the claimant will receive reimbursement from the bond. Reimbursement will come within 30 days of Jet receiving a completed proof of loss form. This does not mean that the life settlement provider is off the hook from paying out the claim; any bond payouts must be repaid to Jet.
Jet makes applying for a Life Settlement Provider Bond easy as can be. Our online application is a streamlined process: simple and asking only for necessary business information. Since personal credit will affect the rate that is approved, limited personal information of the owner will also need to be submitted. Once the application has been approved, you will be emailed your rate for the bond ready to purchase online.
During the course of your licensure, the Life Settlement Provider Bond must be active. Although the license term is two years, your bond may be purchased for monthly or annual terms up to 3 years with Jet.
Near the end of your bond term, Jet will send you a renewal notice. To complete your renewal, simply click the link in your email to submit your renewal online instantly, or complete the mailed renewal notice and send it back.
If your bond was purchased through monthly payments, you do not need to renew; your bond will remain in effect as long as the automatic payments come through.
No; the Life Settlement Provider Bond will remain in effect until cancelled. Jet will only cancel your bond if you:
If any payment issues arise, Jet will contact you promptly to fix the issue and maintain your bond. Jet will cancel your bond if no contact can be made and the payment is left unresolved. Reinstatement is possible up to 60 days from the date cancellation was requested by the DCBS.
Receiving a life settlement provider license requires the submission of more than just the license application. The DCBS has an extensive process for licensing and will require the following documents to evaluate the eligibility of a life settlement provider:
Partnership- Certified copy of partnership agreement or any related amendments
Corporation- Certified copy of charter or articles of incorporation or certificate of good standing (up to date)
Association- Certified copy of charter or articles of association or any related amendments