Montana State Life Insurance Exam 2025 – 400 Free Practice Questions to Pass the Exam

In the context of viatical settlements, the responsibility for identifying the viator primarily rests with the viatical settlement provider. A viator is an individual who is the insured person in a life insurance policy and seeks to sell their policy for a lump sum payment, typically due to a terminal illness.

The viatical settlement provider has the expertise and resources to assess the circumstances of the policy, evaluate the health status of the viator, and facilitate the transaction appropriately. This party coordinates the process and ensures that all legal and regulatory requirements are met, which includes identifying the viator as part of their operational responsibilities.

Other parties, such as the insurance company and the producer (agent), may play significant roles in the overall transaction process, but they do not typically take on the task of identifying the viator. The insurance company mainly processes the claim or payout once the settlement is executed, while the producer may assist in introducing the client to viatical settlement options but does not make the identification themselves. The policyholder's family may be involved in the discussions or decisions but does not have the authority or capacity to formally identify the viator for the settlement process.