They paid him the full face amount of the policy and paid you a full LS commission on top of that?
Wow, did they buy you a new car too?
Life settlements are great if the case fits, but there's a lot of hoops to jump through and if not done properly, the DOI could be right on top of you. The settlement markets are also not as good as they once were due to changes in life expectancy evalations and other factors. Some states also require the individual to be of accredited investor status to do a settlement.