Under Virginia law, how is a 'viatical settlement broker' defined for licensing purposes?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Va. Code § 38.2-1800 defines a viatical settlement broker as a person licensed pursuant to the viatical settlements chapter, Va. Code § 38.2-6000 et seq., in accordance with the viatical broker licensing provisions of the licensing chapter, and thereby authorized to engage in the activities those provisions set out. The Virginia Administrative Code rule 14VAC5-71-20 supplies the working definitions of the viatical settlement terms that chapter uses. Double anchoring — one licensing statute plus the settlements chapter — is the distinctive Virginia structure.
Why the other options are wrong
- A) Certifying life expectancy is a medical function; it is not the licensed broker role the definition describes.
- B) Helping a family member gather records is not the licensed activity the definition captures.
- D) The issuing insurer is not the viatical settlement broker; the broker is the intermediary licensed under the settlements framework.
Memory hook
Viatical brokers are doubly anchored — settlements chapter plus licensing chapter — licensed, not incidental.