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Application for Viatical Settlement Provider ("VSP") - ok

Application for Viatical Settlement Provider ("VSP") - ok 2025

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The document outlines the application process and fees for becoming a licensed viatical settlement provider in Oklahoma. It includes details on resident and non-resident fees, required exhibits, and legal obligations related to the application. The form also emphasizes the importance of truthful disclosures and compliance with the Oklahoma Insurance Code, along with specific questions regarding past licensing issues and fraudulent practices.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in your name, date of birth, and type of application. Choose between Resident or Non-Resident and specify if you are an Individual, Corporation, Partnership, or Limited Liability Corporation.
Provide your Social Security Number and the company's Federal Employer Identification Number (FEIN). Ensure you also include your Oklahoma License Number.
Complete the mailing address section with your city, state, and zip code. Include your telephone and fax numbers for contact purposes.
Answer the questions regarding any past license issues or violations. If applicable, provide details on a separate sheet as instructed.
Attach all required exhibits as listed in the application instructions. This includes a detailed plan of operation and evidence of surety bonds or insurance.
Sign the declaration section at the end of the form to confirm that all information is accurate and complete.

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Who qualifies for a viatical settlement?

Eligibility Determination: To qualify for a viatical settlement, the policyholder must be diagnosed with a terminal illness, typically with a life expectancy of two years or less. The life insurance policy must also be valid and in force.

Is a viatical settlement right for me?

A viatical settlement becomes an option when a life insurance policyholder is diagnosed with a terminal illness or is chronically ill to the point where they can no longer perform two or more activities of daily living (such as eating, bathing, using a toilet, or dressing) for at least 90 days.

What is a viatical settlement provider?

To be eligible for a viatical settlement, the policyholder must be terminally ill or chronically ill with a life expectancy of fewer than two years. Most types of policy types qualify for a viatical, including term life. The average payout of a life insurance sale is 4-6 times the policys cash surrender value.

What is a viatical settlement?

A viatical settlement is a contractual agreement to provide a life insurance policyholder immediate cash in exchange for the sale and transfer of life insurance policy ownership rights.

Who is eligible for a viatical settlement?

Risks vs. rewards of a viatical settlement RisksRewards Beneficiary impact: Your beneficiaries may not get a payout when you die, and creditors may be able to seize the proceeds. Cash for long-term care: The money can be used to cover expenses like medical care, personal care, and home assistance.2 more rows Jan 24, 2022

Application for Viatical Settlement Provider ("VSP") - ok 2025

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