State RegulationsOH specificDifficulty 1/5
A Dayton policy owner completes a viatical settlement and receives the settlement proceeds. Under ORC 3916.08, the contract must give the owner an unconditional right to rescind for at least how long after receipt of the proceeds?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
ORC 3916.08 requires every viatical settlement contract to give the viator an unconditional right to rescind for at least 15 calendar days after receipt of the proceeds — an Ohio figure that is deliberately shorter than the 30-day period used in the NAIC model framework.
Why the other options are wrong
- A) 5 days is not the viatical rescission period; ORC 3916.08 sets at least 15 calendar days.
- B) 10 days is the individual sickness and accident free-look period under ORC 3923.31, not the viatical rescission window.
- C) 20 days is not the Ohio viatical rescission figure; ORC 3916.08 requires at least 15 calendar days after receipt of proceeds.
Memory hook
Viatical rescission in Ohio: 15 days after the money arrives — not 10, not 30.