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viatical settlement

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noun vi·at·i·cal settlement \vī-ˈa-ti-kəl-\

Definition of viatical settlement

  1. :  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



Origin of viatical settlement

probably from viaticum


First Known Use: 1991


Medical Dictionary

viatical settlement

noun viatical set·tle·ment \-ˈset-əl-mənt\

Medical Definition of viatical settlement

  1. :  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 transactions)—called also viatical




Law Dictionary

viatical settlement

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noun vi·at·i·cal settlement \vī-ˈa-ti-kəl-\

Legal Definition of viatical settlement

  1. :  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 compensation for less than the expected death benefit of the policy in return for an assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy to the other party (as a company specializing in such transactions)



Origin of viatical settlement

probably from Latin viaticum provision for a journey


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