Viator

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Viator

A dying person who sells his/her life insurance policy. The viator sells the policy at a deep discount (often as little as half) to its cash value. This is beneficial to the buyer because he/she receives a much larger amount when the buyer dies. This helps the viator pay for his/her medical expenses.
References in periodicals archive ?
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.
Now, it reaches out to assist the financial needs of all individuals with a terminal status referred to in the industry as viators.