A Rescission Period, dictated, where applicable, by state law, that the seller of a life insurance policy can reverse a life settlement transaction. In most regulated states, the rescission period for a life settlement is 15 days following the receipt of any proceeds paid by the life settlement provider. For a rescission to be effective, the settlement proceeds plus any premiums paid by the buyer must be returned to the Life Settlement Provider within the rescission period. Click for the state-by-state rescission period chart.
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