Tools commonly used in the Viatical Settlements industry for day-to-day tasks and operations.

• Life expectancy calculators
• Actuarial tables
• Medical records review software
• Underwriting software
• Financial modeling software
• Risk assessment tools
• Legal document templates
• Investment analysis tools
• Portfolio management software
• Compliance tracking software

Common products and services typical of NAICS Code 522310-03, illustrating the main business activities and contributions to the market.

• Life insurance policies
• Term life insurance
• Whole life insurance
• Universal life insurance
• Variable life insurance
• Group life insurance
• Senior life insurance
• Final expense insurance
• Burial insurance
• Estate planning

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Life Settlement Provider License: A license required by some states in the US to operate as a life settlement provider. It allows the holder to purchase life insurance policies from policyholders and sell them to investors. The license is issued by the state's insurance department. [source]
• Life Settlement Broker License: A license required by some states in the US to operate as a life settlement broker. It allows the holder to negotiate the sale of a life insurance policy between the policyholder and a life settlement provider. The license is issued by the state's insurance department. [source]
• Viatical Settlement Broker License: A license required by some states in the US to operate as a viatical settlement broker. It allows the holder to negotiate the sale of a life insurance policy between the policyholder and a viatical settlement provider. The license is issued by the state's insurance department. [source]
• Viatical Settlement Provider License: A license required by some states in the US to operate as a viatical settlement provider. It allows the holder to purchase life insurance policies from policyholders and sell them to investors. The license is issued by the state's insurance department. [source]
• Securities License: A license required by the Financial Industry Regulatory Authority (FINRA) to sell securities, including viatical settlements, to investors. The license is issued after passing the Series 7 exam. [source]

A concise historical narrative of NAICS Code 522310-03 covering global milestones and recent developments within the United States.

• Viatical Settlements is an industry that emerged in the 1980s as a way for terminally ill patients to sell their life insurance policies to investors for a lump sum payment. This allowed the patients to receive money to pay for medical expenses and other costs while they were still alive. The industry grew rapidly in the United States during the 1990s, with billions of dollars in policies sold each year. However, the industry faced significant legal and regulatory challenges in the early 2000s, which led to a decline in activity. In recent years, the industry has seen a resurgence due to increased demand from investors seeking alternative assets and improved regulation at the state level. Viatical Settlements is an industry that has a long and complex history in the United States. In the early days of the industry, there were few regulations governing the sale of life insurance policies, which led to a number of fraudulent schemes and abuses. In response, many states passed laws to regulate the industry and protect consumers. In the 2000s, the industry faced a number of legal challenges, including lawsuits from insurance companies and regulatory actions by state governments. However, in recent years, the industry has rebounded due to increased demand from investors and improved regulation at the state level. Today, Viatical Settlements is a growing industry that provides an important service to terminally ill patients and investors alike.

The anticipated future trajectory of the NAICS 522310-03 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  Viatical Settlements is a niche industry that is expected to grow in the coming years. The industry is expected to benefit from the aging population in the US, which is expected to increase the demand for viatical settlements. The industry is also expected to benefit from the increasing awareness of viatical settlements as a viable option for seniors who need cash. However, the industry is also expected to face challenges such as increased regulation and competition from other financial products. Overall, the industry is expected to grow at a moderate pace in the coming years.

Recent groundbreaking advancements and milestones in the Viatical Settlements industry, reflecting notable innovations that have reshaped its landscape.

• Online Platforms: Online platforms have made it easier for viatical settlement providers to reach potential customers and for customers to compare different providers.
• Improved Underwriting: Viatical settlement providers are using improved underwriting techniques to better assess the life expectancy of policyholders, which helps them to offer more accurate pricing.
• Increased Transparency: Viatical settlement providers are increasingly providing more transparency to customers, which helps to build trust and confidence in the industry.
• New Products: Some viatical settlement providers are offering new products such as hybrid life insurance policies that combine the benefits of life insurance and viatical settlements.
• Increased Regulation: The industry is facing increased regulation, which is expected to improve the quality of services and protect consumers.