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

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Time Traveler for viatical settlement

Time Traveler

The first known use of viatical settlement was in 1991

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Dictionary Entries Near viatical settlement

vias

viatical settlement

viaticum

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Cite this Entry

“Viatical settlement.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/viatical%20settlement. Accessed 19 Aug. 2022.

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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

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