State RegulationsOH specificDifficulty 2/5
Maria, who owns a policy insuring her own life-threatening illness, hires Sam to find a buyer, and a viatical company ultimately purchases the policy. Under ORC 3916.01, how are the parties classified?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
ORC 3916.01 sorts the roles cleanly: the owner of the policy insuring a person with a life-threatening or chronic condition who contracts with a provider is the viator; the person selling, soliciting, or negotiating the settlement for the owner is the viatical settlement broker; and the company that purchases and owns the policy is the provider.
Why the other options are wrong
- B) Maria sold her own policy, so she is the viator; the purchasing company is the provider, not the broker.
- C) Maria did not negotiate anyone else's settlement, and the viatical company bought rather than sold the policy.
- D) Sam arranged the sale as a broker; the provider role belongs to the company that purchased and now owns the policy.
Memory hook
Seller = viator, finder = broker, buyer = provider.