State RegulationsOH specificDifficulty 1/5
Under Ohio's viatical settlement law, which party is the "viator" in a viatical settlement transaction?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
ORC 3916.01(R) defines the "viator" as the owner of a life insurance policy that insures the life of a person with a life-threatening or chronic condition, and who contracts with a viatical settlement provider. In practical terms, the viator is always the policyowner on the selling side of the transaction — the person exchanging the policy for a lump-sum payment.
Why the other options are wrong
- B) This describes a viatical settlement broker, a separate licensed role that negotiates on the viator's behalf, not the viator.
- C) The issuing insurer is not a party to the settlement contract and is never the viator under ORC 3916.01.
- D) Investors sit on the buying side of the transaction and acquire policies through providers; they have no viator status.
Memory hook
Viator = the ailing policyowner who "vacates" the policy.