viatical settlement

noun
vi·​at·​i·​cal settlement | \ vī-ˈa-ti-kəl- How to pronounce viatical settlement (audio) \

Definition of viatical settlement

: an agreement by which the owner of a life insurance policy that covers a person (such 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 (such as a company specializing in such transfers)

called also viatical

First Known Use of viatical settlement

1991, in the meaning defined above

History and Etymology for viatical settlement

probably from viaticum

Keep scrolling for more

Learn More about viatical settlement

Time Traveler for viatical settlement

Time Traveler

The first known use of viatical settlement was in 1991

See more words from the same year

Dictionary Entries near viatical settlement

viand

vi apple

vias

viatical settlement

viaticum

vib

vibe

See More Nearby Entries 

Statistics for viatical settlement

Cite this Entry

“Viatical settlement.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/viatical%20settlement. Accessed 12 Apr. 2021.

Style: MLA
MLACheck Mark Icon ChicagoCheck Mark Icon APACheck Mark Icon Merriam-WebsterCheck Mark Icon

Keep scrolling for more

More Definitions for viatical settlement

viatical settlement

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

Medical 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 transactions)

called also viatical

viatical settlement

noun
vi·​at·​i·​cal settlement | \ vī-ˈa-ti-kəl- How to pronounce viatical settlement (audio) \

Legal Definition of viatical settlement

: 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)

History and Etymology for viatical settlement

probably from Latin viaticum provision for a journey

Comments on viatical settlement

What made you want to look up viatical settlement? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

Test Your Vocabulary

The Exceptions Quiz III

  • one green toy robot amidst many red toy robots
  • Which of these words does not mean "nonsense"?
Name That Thing

Test your visual vocabulary with our 10-question challenge!

TAKE THE QUIZ
Typeshift

Anagram puzzles meet word search.

TAKE THE QUIZ
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!