Indiana Code 27-8-19.8-24. Prerequisites to viatical settlement contract
(1) If the viator is the insured, a written statement from a licensed attending physician that the insured is of sound mind and under no constraint or undue influence.
Terms Used In Indiana Code 27-8-19.8-24
- Contract: A legal written agreement that becomes binding when signed.
- insured: refers to an individual whose life is the subject of insurance under a life insurance policy or contract. See Indiana Code 27-8-19.8-3
- person: means an individual, an association, a corporation, a limited liability corporation, an estate, a partnership, a trust, or any other business or legal entity. See Indiana Code 27-8-19.8-7
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- viatical settlement broker: means a person that represents a viator and for a fee, commission, or other valuable consideration, solicits, offers, or attempts to negotiate viatical settlements between a viator and one (1) or more viatical settlement providers. See Indiana Code 27-8-19.8-4.5
- viatical settlement contract: means an agreement for the purchase, sale, assignment, transfer, devise, or bequest of a portion of the death benefit or ownership of a life insurance policy or contract for consideration that is less than the expected death benefit of the life insurance policy or contract. See Indiana Code 27-8-19.8-6
- viator: refers to the owner of a life insurance policy or a certificate holder under a group policy that insures the life of an insured who enters or seeks to enter into a viatical settlement contract. See Indiana Code 27-8-19.8-8
(A) Consents to the viatical settlement contract.
(B) If the insured has a catastrophic or life threatening illness or condition, acknowledges the catastrophic or life threatening illness or condition.
(C) Represents that the viator has a full and complete understanding of the viatical settlement contract.
(D) Represents that the viator has a full and complete understanding of the benefits of the life insurance policy.
(E) Acknowledges that the viator has entered into the viatical settlement contract freely and voluntarily.
(F) Discloses the identity of any person that served as a viatical settlement broker in connection with the viatical settlement contract.
(3) A document in which the insured consents to the release of the insured’s medical records.
As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.25; P.L.223-2005, SEC.8.