Life Insurance Premium Finance
Statement of Best Practices for the Life Insurance Premium Finance Industry
SAN DIEGO–(BUSINESS WIRE)–June 7, 2006–The Life Insurance Finance Association (LIFA) represents the Life Insurance Premium Finance Industry, and other life insurance, financial planning and loan professionals who support that industry. Life insurance premium loans enable consumers to purchase and maintain valuable life insurance coverage for their family and business needs. The impetus for LIFA’s formation was the need for life insurance premium finance professionals actively to promote and embrace standards for “best business practices” and assist policymakers, insurance carriers and the public in understanding and differentiating between legitimate premium finance transactions from schemes merely cloaked as premium finance transactions that violate insurable interest, anti-rebating, anti-inducement or other insurance laws. To further this goal, LIFA’s Board of Directors has adopted the following Statement of Best Practices for the life insurance premium finance industry.
Source: Business Wire
