viatical settlement
noun Etymology: probably from viaticum Date: 1991 an agreement by which the owner of a life insurance policy that covers a person (as the owner) who has a catastrophic or life-threatening illness receives compensation for less than the expected death benefit of the policy in return for a turning over (as by sale or bequest) of the death benefit or ownership of the policy to the other party (as a company specializing in such transfers) — called also viatical

New Collegiate Dictionary. 2001.

Look at other dictionaries:

  • viatical settlement — vi·at·i·cal settlement /vī a ti kəl / n [probably from Latin viaticum provision for a journey]: an agreement by which the owner of a life insurance policy covering a person (as the owner) with a catastrophic or life threatening illness receives… …   Law dictionary

  • Viatical settlement — A viatical settlement is the sale of a life insurance policy by the policy owner before the policy matures. Such a sale, at a price discounted from the face amount of the policy but usually in excess of the premiums paid or current cash surrender …   Wikipedia

  • Viatical Settlement — An arrangement in which someone with a terminal disease sells his or her life insurance policy at a discount from its face value for ready cash. The buyer cashes in the full amount of the policy when the original owner dies. Also referred to as a …   Investment dictionary

  • viatical settlement — viatical set·tle·ment set əl mənt n an agreement by which the owner of a life insurance policy that covers a person (as the owner) who has a catastrophic or life threatening illness receives compensation for less than the expected death benefit… …   Medical dictionary

  • viatical settlement — n. An insurance settlement paid to an investor who holds a life insurance policy purchased at a discount from a dying policyholder. Example Citation: In a Wall Street response to the Aids epidemic, American investors have in recent years been… …   New words

  • viatical settlement — Arrangement by which a terminally ill patient s life insurance policy is sold to provide funds while the insured (viator) is living. The buyer (funder), usually an investment company, pays the patient a lump sum of 50–80% of the policy s face… …   Universalium

  • viatical settlement — [vʌɪ atɪk(ə)l] noun an arrangement whereby a person with a terminal illness sells their life insurance policy to a third party, in order to benefit from the proceeds while alive. Origin 1990s: viatical from L. viaticus relating to a journey or… …   English new terms dictionary

  • viatical settlement — noun 1. cash derived from sale of an insurance policy by a terminally ill policy holder • Hypernyms: ↑advance death benefit 2. sale of an insurance policy by a terminally ill policy holder • Syn: ↑viaticus settlement • Hypernyms: ↑liquidation, ↑ …   Useful english dictionary

  • settlement — /set l meuhnt/, n. 1. the act or state of settling or the state of being settled. 2. the act of making stable or putting on a permanent basis. 3. a state of stability or permanence. 4. an arrangement or adjustment, as of business affairs or a… …   Universalium

  • viatical — noun see viatical settlement …   New Collegiate Dictionary

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