State RegulationsOH specificDifficulty 1/5
After a viatical settlement is completed, who is responsible for keeping the policy in force by paying future premiums?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Once the settlement closes, the provider is the new policy owner under the Chapter 3916 framework (ORC 3916.01), so the duty to pay premiums and keep coverage in force shifts to the provider, which also stands to receive the death benefit.
Why the other options are wrong
- B) Ownership has passed to the provider; the viator no longer carries the premium obligation.
- C) The issuing insurer neither owns the policy nor pays its premiums from surplus.
- D) The broker earned a fee for arranging the sale and has no premium duty after closing.
Memory hook
Who owns it, pays it: after settlement the provider foots the premiums.