Question
Arthur, a terminally-ill policyholder, sold his life insurance policy in a viatical settlement and has changed his mind. He has the right to rescind the settlement within ___ days of the date it is executed by all parties and the owner has received all required disclosures, or ___ days from receipt by the owner of the proceeds of the settlement, whichever is sooner.
1. 120, 90
2. 30, 15
3. 60, 30
4. 90, 60
1. 120, 90
2. 30, 15
3. 60, 30
4. 90, 60
Answers
GPT-4o mini
The correct answer is **3. 60, 30**.
In a viatical settlement, a terminally ill policyholder typically has the right to rescind the settlement within 60 days of the date it is executed or within 30 days from receipt of the proceeds, whichever comes first.
In a viatical settlement, a terminally ill policyholder typically has the right to rescind the settlement within 60 days of the date it is executed or within 30 days from receipt of the proceeds, whichever comes first.