§ 48.102.035. Requirement to provide information to the viator
A viatical settlement provider shall disclose, in writing, the following information to the viator no later than the date when the viatical settlement contract is signed by all parties:
(1) Possible alternatives to viatical settlement contracts for persons with catastrophic or life-threatening conditions. These shall include, but not be limited to, any available accelerated benefits on the life insurance policy;
(2) The fact that some or all of the proceeds of the viatical settlement may be taxable, and that advice and assistance should be sought from an attorney or tax professional;
(3) The fact that the proceeds of the viatical settlement could be subject to the claims of creditors, and that advice and assistance should be sought from an attorney;
(4) The fact that receiving the proceeds of the viatical settlement might adversely affect the viator's eligibility for medicaid, or other public benefits or entitlements, and that advice and assistance should be sought from an attorney;
(5) The right of the viator to rescind the contract on or before the later of (a) thirty days after the date when it is executed by all parties or (b) fifteen days after the receipt of the proceeds of the viatical settlement contract; and
(6) The date by which the proceeds will be available to the viator, and also the source of the proceeds.
[1995 c 161 § 7.]
Sections: Previous 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