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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




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