Terms Used In Indiana Code > Title 27 > Article 8 > Chapter 19.8 - Viatical Settlements

• applicant: refers to a person that applies for a viatical settlement provider license under this chapter. See Indiana Code 27-8-19.8-1
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• department: refers to the department of insurance. See Indiana Code 27-8-19.8-2
• Devise: To gift property by will.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fiduciary: A trustee, executor, or administrator.
• 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
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• stranger originated life insurance: means a practice or plan to initiate a life insurance policy for the benefit of a third party investor who, at the time the life insurance policy is originated, has no insurable interest in the insured. See Indiana Code 27-8-19.8-7.8
• Trustee: A person or institution holding and administering property in trust.
• 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
• viatical settlement provider: means a person, other than a viator, that:

  Indiana Code 27-8-19.8-5

• viaticated policy: means a life insurance policy or certificate that has been acquired by a viatical settlement provider under a viatical settlement contract. See Indiana Code 27-8-19.8-6.5
• 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
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5