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viatical settlement |
Also found in: Dictionary/thesaurus, Financial, Wikipedia | 0.07 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 NAIC viatical model establishes guidelines for fair payment to policyholders and mandates that viatical settlement companies make full disclosures to consumers. A viatical settlement is a sale of a life insurance policy by a terminally ill patient to investors. The tax treatment of a viatical settlement is markedly different. |
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