Viatical Settlement Provider
A viatical settlement contract is a written agreement entered into between a viatical settlement provider and a person owning an individual policy or group policy establishing the terms under which compensation or anything of value will be paid, which compensation or value is less than the expected death benefit of the insurance policy or certificate, in return for the viator’s assignment, transfer, sale, devise or bequest of the death benefit or ownership of any portion of the insurance policy or certificate of insurance. The term also includes a contract for a loan or other financing transaction secured primarily by an individual or group life insurance policy, other than a loan by a life insurance company pursuant to the terms of the life insurance contract, or a loan secured by the cash value of a policy. A viatical settlement contract includes an agreement to transfer ownership or change the beneficiary designation at a later date regardless of the date that compensation is paid to the viator. This term does not include a written agreement entered into between a viator and a person having an insurable interest in the viator’s life.
Viatical Settlement Provider Applications:
Viatical Settlement Broker License Applications: