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Check out this post I found from a guy in Raleigh, NC. Wonder who he works for?
"I'm not Moneymaker, but I have had someone close to the program explain the insurable interest to me. As we all know, II is only required at time of application. Each client will apply for the entire policy amount (whether it is 30K 70K 100K, etc). Subsequent to application, they will enter into agreement for the financial institution to pay the premium in exchange for X-$15K of the face amount.
Nothing really different than what is happening all over the place every day.
We'll get more details yet this week from what I understand."
"I'm not Moneymaker, but I have had someone close to the program explain the insurable interest to me. As we all know, II is only required at time of application. Each client will apply for the entire policy amount (whether it is 30K 70K 100K, etc). Subsequent to application, they will enter into agreement for the financial institution to pay the premium in exchange for X-$15K of the face amount.
Nothing really different than what is happening all over the place every day.
We'll get more details yet this week from what I understand."