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Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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Can you research a business idea and tell me if it is lega

Customer Question

can you research a business idea and tell me if it is legal?
Submitted: 7 months ago.
Category: Legal
Expert:  Ely replied 7 months ago.
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms. Sure. What is the idea?
Customer: replied 7 months ago.
THE MODEL IS HAVE PEOPLE PAY INTO A PROGRAM THAT PAYS THEM CERTAIN AMOUNT OF MONEY AFTER AN EVENT OCCUR. IT IS LIKE AN INSURANCE BUT YOU CANNOT GET SUCH INSURANCE IN THE UNITED STATES.
IT IS NOT GOING TO BE CALLED AN INSURANCE PROGRAM. WOULD SUCH A PROGRAM BE LEGAL?
Expert:  Ely replied 7 months ago.
My apologies for the wait as I was offline when you has replied.
-What kind of money? Where would the money come from?
-What kind of an event? Would this event be certain, or not? Who decides or how is it decided that the event would happen? Please be specific as to the event.
Customer: replied 7 months ago.
THE MONEY IS PAID BY MEMBERS OR CUSTOMER ON ENROLLMENT
THE EVENT IS CERTAIN TO OCCUR DUE TO NATURE
AND PAYMENT IS BASED ON HOW MUCH WAS PROMISED AT ENROLLMENT
Expert:  Ely replied 7 months ago.
My apologies for the wait. I am also in transit today, so my replies may take a while.
I need more information on this. I am sorry, but it is very hard to provide an answer only to general replies. I need you to tell me exactly what that event is, and how the whole scheme works.
I am also not sure about what you mean by the money being paid by members. So they pay a fee to "enter," but get back MORE if the event comes true? So a type of futures market?
Customer: replied 7 months ago.
1) MEMBERS ENROLL IN PROGRAM
2) PAID ANNUAL FEE RENEWABLE EVERY YEAR
3) IN OCCURRENCE OF THE NATURALLY OCCURRING EVENT WITHIN ENROLLMENT PERIOD THEY GET PAID CERTAIN SUM OF MONEY
4) YES IT IS A TYPE OF FUTURE EVENT
5) IT IS LIKE AND INSURANCE MARKET BUT WOULD NOT BE CALLED AN INSURANCE
6) THE PROGRAM IS NOT OFFERED BY ANY INSURANCE MARKET IN THE UNITED STATES
I CANNOT REALLY GO INTO MORE DETAILS THAN THIS BECAUSE OF CONFIDENTIALITY OF INFORMATION.
TWO KEY NOTES
A) IT IS LIKE AN INSURANCE BUT WOULD NOT BE REFERRED TO AS SUCH
B) IT IS NOT OFFERED BY ANY INSURANCE COMPANY IN THE USA
C) COULD THIS BE ILLEGAL UNDER ANY LAW OR STATUTE EVEN IF YOU DO NOT USE THE TERM INSURANCE AND NOT SOLD IN ANY INSURANCE MARKET RIGHT NOW?
Customer: replied 7 months ago.
HAVE YOU GOT ANY INFO FOR ME YET?
Expert:  Ely replied 7 months ago.
Hello,
The problem is that if you cannot go into detail, then I cannot give you a comprehensive answer. Details are the key here. I still do not really know what this is.
Customer: replied 7 months ago.
DO WE HAVE ANY KIND OF CONFIDENTIALITY WITH THIS DISCUSSION AND IF I GO INTO DETAIL HOW SECURE IS THE INFORMATION I WILL BE SHARING WITH YOU?
Expert:  Ely replied 7 months ago.
Sorry, there is no attorney-client privilege. So there is no confidentiality. Now, I am not going to be going around telling anyone about our conversation, of course. In addition, the thread is open to the public. However if you contact customer service, there may be some options for that.
Customer: replied 7 months ago.
OK
Expert:  Ely replied 7 months ago.
Okay. Please let me know if you wish to continue, and please provide some more detail if so. Thanks!
Customer: replied 7 months ago.
CAN I EMAIL?
Expert:  Ely replied 7 months ago.
Sorry I can only use this medium.
Customer: replied 7 months ago.
THE OFFER WAS $50 EARLIER TO TALK ON THE PHONE
Expert:  Ely replied 7 months ago.
Hello, The site allows the expert to opt out of the call request, and I must respectfully ***** ***** not worry - other experts receive the request as well, and they may agree to the call. They will also have your question and my replies to build upon, so nothing will be lost.