viatical settlement
vi·at·i·cal settlement
noun \vī-ˈa-ti-kəl-\Definition of VIATICAL SETTLEMENT
: 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
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