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Viatical Settlement



A vertical settlement is the purchase of a life insurance policy from a terminally ill person (viator) for a reduction of the face value of the policy. The purchase price is based on the life expectancy of the viator - the shorter the life expectancy, the greater the offer for the policy.

California law requires that anyone entering into or soliciting a viatical settlement be licensed by the Insurance Commissioner (California Insurance Code Sections 10113.1 and 10113.2).

This licensure requirement applies to: (1) purchasers of the policy, (2) those who are assigned an ownership interest in the policy, including a collateral ownership interest; (3) brokers who assist the terminally ill in securing the best offer for their policy, (4) brokers who secure investors or purchasers for the policy; and (5) and those who purchase the policy after it has been purchased from the policyholder