This approval requirement provides viators with a measure of protection in that the department has reviewed the provisions of the viatical settlement contract and related forms and has required the removal of any unfair provisions prior to use of the form.
Florida law requires viatical settlement providers or brokers to provide specific information to viators before entering into a viatical settlement contract.
The buyer collects the death benefit upon the death of the viator.
The viator often sells the policy for an amount that is not actuarially sound.
The amount that the viator - the seller of the policy - receives depends upon his/her life expectancy.
The viator then receives the cash payment after transferring ownership of the life insurance policy to the viatical settlement provider.
There are two basic roles for viatical settlement companies: providers, who buy the policies themselves and hold them as the named beneficiary thereunder, and brokers, who act as intermediaries between viatical settlement providers and viators
by performing underwriting functions, and negotiating a fee to be paid by the viatical settlement provider.
By avoiding the payment of taxes, viators
can finance additional medical care and meet living expenses for a longer period.
If brokers have a clear understanding of an offer, life settlement companies will be forced to compete fairly, resulting in a greater benefit and more money to the viator
LPI did not help a viator
by purchasing his policy at a fair
Now, it reaches out to assist the financial needs of all individuals with a terminal status referred to in the industry as viators
In turn, the viator
receives a portion of the proceeds of his life insurance policy in a lump sum.