Nevada Revised Statutes 688C.090 – ‘Purchaser of viatical settlements’ defined
1. ’Purchaser of viatical settlements’ means:
Terms Used In Nevada Revised Statutes 688C.090
- 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
- Contract: A legal written agreement that becomes binding when signed.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- 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.
(a) A person who gives a sum of money as consideration for a policy or an interest in the death benefits of a policy;
(b) A person who owns or acquires or is entitled to a beneficial interest in a trust that owns a viatical settlement contract as described in subsection 2 of NRS 687B.040; or
(c) A person who is the beneficiary of a policy that has been or will be the subject of a viatical settlement contract, for the purpose of deriving an economic benefit.
2. The term does not include:
(a) A person licensed pursuant to this chapter;
(b) An accredited investor or qualified institutional buyer as defined respectively in Regulation D, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended;
(c) A financing agent; or
(d) A special organization.