§ 48.102.005. Definitions
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Person" means the same as defined in RCW 48.01.070.
(2) "Viatical settlement broker" means an individual, partnership, corporation, or other entity who or which for another person, and for a fee, commission, or any other valuable consideration, does any of the following things:
(a) Offers or advertises the availability of viatical settlements;
(b) Introduces viators to viatical settlement providers;
(c) Offers or attempts to negotiate viatical settlements between a viator and one or more viatical settlement providers. However, "viatical settlement broker" does not mean an attorney, accountant, or financial planner retained to represent the viator, whose fee or other compensation is not paid by the viatical settlement provider.
(3) "Viatical settlement contract" means a written agreement entered into between a viatical settlement provider and a viator.
(4) "Viatical settlement provider" means any person that enters into an agreement with a viator under the terms of which the viatical settlement provider pays compensation or anything of value, in return for the assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the insurance policy or certificate of insurance to the viatical settlement provider. "Viatical settlement provider" does not mean the following:
(a) Any bank, savings bank, savings and loan association, credit union, or other licensed lending institution that takes an assignment of a life insurance policy as collateral for a loan; or
(b) The issuer of a life insurance policy providing accelerated benefits, as those are defined in WAC 284-23-620(1).
(5) "Viator" means the owner of a life insurance policy, or the holder of a certificate of insurance, insuring the life of a person with a catastrophic or life-threatening illness or condition, who enters into an agreement under which the viatical settlement provider will pay compensation or anything of value, which compensation or value is less than the expected death benefit of the insurance policy or certificate of insurance, in return for the assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the insurance policy or certificate of insurance to the viatical settlement provider.
[1995 c 161 § 1.]
Sections: 48.102.005 48.102.010 48.102.015 48.102.020 48.102.025 48.102.030 48.102.035 48.102.040 48.102.045 48.102.050 48.102.055 48.102.900 48.102.901 NextLast modified: April 7, 2009