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viatical settlement |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia | 0.03 sec. |
viatical settlementArrangement by which a terminally ill patient's life-insurance policy is sold to provide funds while the insured (viator) is living. The buyer (funder), usually an investment company, pays the patient a lump sum of 50–80% of the policy's face value, pays the premiums until the patient dies, and receives the death benefit. Viatical settlements (from Latin viaticum, “provisions for a journey”) appeared in the 1980s, when people with AIDS had high medical bills and policies nominally sufficient to cover them but whose funds would not be available until they died. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The goal was to hear suggestions on reining in speculative uses of life insurance by revamping the Viatical Settlements Model Law adopted by the NAIC in 1993. With the emergence of the multi-billion-dollar viatical and life settlement markets to facilitate these purchases, some accountants have begun to question the appropriateness of FASB Technical Bulletin no. Viatical settlements enable an insured to receive benefits, prior to death, to pay for the costs of care. |
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