State RegulationsOH specificDifficulty 1/5
In a viatical settlement under Ohio law, which party purchases the policy and becomes its new owner?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under ORC 3916.01(P), a viatical settlement provider is the party that purchases and takes ownership of policies in viatical settlements; the broker merely arranges the transaction, and the issuing insurer and the superintendent have no ownership role in the settlement.
Why the other options are wrong
- A) The viatical settlement broker acts as an intermediary and does not purchase the policy.
- B) The issuing insurer sells no policy to itself; it is not the purchasing party in a viatical settlement.
- D) The superintendent regulates viatical settlements but never purchases or owns the policies.
Memory hook
Provider = purchaser: the provider buys and owns; the broker just brokers.