Viatical Settlements
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2 things do viatical settlements include?
-contract for a loan or other financing transaction secured by LI policy -agreement with viator to transfer ownership or change beneficiary designation later
What is a viatical settlement?
compensation is paid to a life insurance policy owner who assigns death benefit to the payor
viatical settlement broker?
offer or advertise availability of such contracts or negotiate between policy owners and providers
Viatical settlement provider?
party who policyowner assigns death benefit in exchange for compensation
What is a viator?
policyowner who assigns death benefit