Ohio Code 3916.10 – Limiting contact with insured after settlement has occurred
After a viatical settlement has occurred, contact with the insured for the purpose of determining the health status of the insured shall be made only by the viatical settlement provider, or the authorized representative of the viatical settlement provider. The viatical settlement provider, or authorized representative shall not contact the insured for the purpose of determining the insured’s health status more than once every three months if the insured has a life expectancy of more than one year, or more than once per month if the insured has a life expectancy of one year or less. The viatical settlement provider shall explain the procedure for making these contacts at the time the viatical settlement contract is entered into.
Terms Used In Ohio Code 3916.10
- Contract: A legal written agreement that becomes binding when signed.
- Life expectancy: means an opinion or evaluation as to how long a particular person is going to live. See Ohio Code 3916.01
- Policy: means an individual or group policy, group certificate, or other contract or arrangement of life insurance affecting the rights of a resident of this state or bearing a reasonable relation to this state, regardless of whether delivered or issued for delivery in this state. See Ohio Code 3916.01
- 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 provider: means a person, other than a viator, that enters into or effectuates a viatical settlement contract. See Ohio Code 3916.01
The limitations set forth in this section do not apply to contacts made with an insured under a viaticated policy for purposes other than to determine the insured’s health status.
Viatical settlement providers are responsible for the actions of their authorized representatives, for the purposes of this section except viatical settlement providers are not responsible for the actions of subsequent purchasers of a policy.