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Business Entity Viatical Settlement Broker License Application - insurance ohio

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The document is an application form for a Business Entity Viatical Settlement Broker License from the Ohio Department of Insurance. It outlines the necessary demographic information, background checks, and certifications required for applicants, including details about ownership, compliance with insurance laws, and submission of supporting documents. The application also requires a non-refundable fee and various attachments to ensure regulatory compliance.

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What does a viatical settlement broker represent?

Irrespective of the manner in which the viatical settlement broker is compensated, a viatical settlement broker is deemed to represent only the viator and owes a fiduciary duty to the viator to act ing to the viators instructions and in the best interest of the viator.

What is the name of the insurer who enters into a viatical settlement?

A viator is the owner of an individual life insurance policy or a certificate holder under a group policy who enters or seeks to enter into a viatical settlement contract. The insured is the person on whose life an insurance policy is written. Usually, the insured is also the viator.

Who is a viatical settlement broker?

A Viatical Settlement Broker is a licensed professional or entity that acts as an intermediary between the policyholder looking to sell their life insurance policy and potential buyers or investors.

How often must a viatical settlement broker register with the Commissioner?

Each viatical settlement provider shall file with the commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may prescribe by regulation. Such information shall be limited to only those transactions where the viator is a resident of this state.

Who qualifies for a viatical settlement?

Viatical Settlements, Accelerated Death Benefits Viatical Settlements Who is a candidate? Generally, Viatical Settlement Providers (VSPs) only buy your policy if you have 24 months or less to live. But some may buy policies from people with longer life expectancies.6 more rows

What is an example of a viatical settlement?

Once the original policyholder passes away, the third party collects the death benefit amount from the insurance company. Another viatical settlement example would be if someone chooses to sell their life insurance policy to pay for assisted living costs following a chronical illness diagnosis.

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