State RegulationsVA specificDifficulty 1/5
Under Virginia law, what must a person obtain before acting as a viatical settlement broker or soliciting a viatical settlement contract while acting in that capacity?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Va. Code § 38.2-1865.1 provides that no person shall act as a viatical settlement broker, or solicit a viatical settlement contract while acting as one, without first obtaining a license from the Commission. Individual applicants are also fingerprinted for a criminal history check under the section, and business entities must meet the entity requirements of the same provisions. The licensing gate is enforced by the Commission through the Virginia Bureau of Insurance.
Why the other options are wrong
- A) Policy appraisals may occur in a transaction but are not the statutory prerequisite for acting as a broker.
- C) Physician consent is not a licensing precondition for viatical settlement brokers.
- D) Registration with the issuing insurer plays no part in the broker-licensing requirement.
Memory hook
Broker a viatical deal, hold a Virginia license first.