Final answer:
In vertical settlement contracts, a provider or investor is the person, apart from the viator, who enters into the contract; a viator is one who sells their life insurance policy, while the investor assumes responsibility for premium payments and the eventual death benefit.
Step-by-step explanation:
When discussing vertical settlement contracts, a person other than a viator, typically called a provider or investor, is the one who enters into the agreement. A viator is someone who sells their own life insurance policy for a lump sum of money to a third party, which could be an individual or a firm.
The third party the investor pays the viator and then becomes responsible for continuing the premium payments and eventually collects the death benefit of the policy. It is important for those involved to be the rightful owners of the property, meaning the insurance policy in this case, to legally enter into such contracts.