Who is known as the viator in a life insurance policy?

In the context of a life insurance policy, the term "viator" refers specifically to the original owner of the policy. This individual holds the rights to the policy and can make decisions about it, such as changing beneficiaries or transferring ownership.

The viator is particularly significant in transactions such as viatical settlements, where the original owner may sell the policy for a lump sum to another party, typically due to terminal illness or other financial needs. This process relies on the rights and ownership held by the viator, making their status crucial in the life insurance framework.

The other roles, such as the insured individual or the beneficiary, do not hold the same responsibilities or rights as the viator. The creditor of the insured does not fit into the definition of a viator, as they are typically involved in debt rather than ownership of the insurance policy itself. Understanding the role of the viator helps clarify the dynamics of policy ownership and rights within life insurance.