Settlement

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Related to viatical settlement: Viatical Settlement Company

settlement

1. a place newly settled; colony
2. a collection of dwellings forming a community, esp on a frontier
3. a public building used to provide educational and general welfare facilities for persons living in deprived areas
4. Law
a. a conveyance, usually to trustees, of property to be enjoyed by several persons in succession
b. the deed or other instrument conveying such property
c. the determination of a dispute, etc., by mutual agreement without resorting to legal proceedings

Settlement

 

a procedural action agreed upon by the parties to a civil case which involves submitting to the court for ratification a contract concerning conditions for resolving the legal dispute.

According to Soviet law, settlements differ from out-of-court settlements which are concluded by the disputing parties outside of the court and are not submitted to the court for ratification. Settlements may be concluded in disputes arising from civil, labor, kolkhoz, and other legal relationships; they may be concluded by the disputing parties and by third persons with in-dependent legal claims who are participating in the case. By ratifying the settlement, the court renders a decision that the particular case is closed; where the court refuses to ratify a settlement, the case continues to be heard. Persons involved in the case have the right to appeal, and the procurator may also lodge a protest of the court’s findings with respect to any settlement.

With the court’s ratification of a settlement, a second hearing of the dispute between the same parties concerning the same subject and on the same grounds is precluded. If one party evades voluntary fulfillment of obligations according to the settlement, compulsory execution in the general manner is admissible. Settlements are also concluded in arbitration proceedings and comrades’ courts and before arbitration tribunals.


Settlement

 

(in Russian, poselok), in the USSR, a low-level administrative-territorial unit designating a community located outside a city’s limits. There are three types of settlements: workers’, resort-type, and dacha.

Workers’ settlements are communities located at large plants, mines, power plants, construction sites of large hydraulic-engineering installations, and other projects and having no less than 3,000 residents. At least 85 percent must be workers and office employees and members of their families.

Resort-type settlements are communities situated in localities with a curative environment and having a population of at least 2,000. The number of people who come annually for treatment and rest to these settlements must total at least 50 percent of the permanent population. Dacha settlements are vacation communities for city dwellers, in which not more than 25 percent of the adult population is continually engaged in agriculture.

In statistical literature all three types of settlements are sometimes combined under “urban-type settlement.” By January 1974 there were 3,700 settlements in the USSR.


Settlement

 

in civil cases in the Anglo-Saxon countries, an agreement between parties by virtue of which a court case is terminated before a decision is reached. If one party does not fulfill the conditions of the settlement, the court can enforce the conditions.

settlement

[′sed·əl·mənt]
(civil engineering)
The gradual downward movement of an engineering structure, due to compression of the soil below the foundation.
(geology)
The subsidence of surficial material (such as coastal sediments) due to compaction.
(mining engineering)
The gradual lowering of the overlying strata in a mine, due to extraction of the mined material.

settlement

1. The downward movement of a building structure due to consolidation of soil beneath the foundation.
2. The sinking of solid particles of aggregate in fresh concrete or mortar after its placement and before its initial set.
References in periodicals archive ?
There are generally two types of life insurance settlements: (1) viatical settlements and (2) life settlements.
Former beneficiaries of a contract that was sold pursuant to a viatical settlement contract brought action against the purchaser of the policy alleging that the contract was void for failure to contain certain disclosures required by Viatical Settlement Contracts Act.
Court of Appeals for the Fourth Circuit ruled that the McCarran-Ferguson Act, a federal law giving states authority to regulate insurance matters, also covers viatical settlements.
Also, to qualify for the favorable tax treatment, the life insurance or viatical settlement contract may not ".
Although anyone with access to the Internet can locate information on companies that provide viatical settlements, a client should have his or her attorney, accountant, financial planner, or a viatical settlement broker assist in the sale of the life insurance policy.
where b = 1 / 1 + r and r is the cost of capital for viatical settlement firms.
For example, American Benefits Services, a viatical settlement company, promoted viatical investments by promising a return 42 percent greater than the amount invested, to be received on the death of the viator.
To determine the life expectancy of the viator, the viatical settlement company has a board of physicians evaluate the person's illness, basing their findings on medical records, laboratory reports and current actuarial tables.
The first viatical settlement companies emerged in the late 1980s, and primarily acted as brokers, matching up terminally-ill policyholders with investors.
In the first possible event, the insured irrevocably assigns his life insurance policy to a Viatical settlement company in consideration of a payment of an accelerated death benefit by the company (not the company that issued the policy).
The idea was to submit medical records that would suggest a short life expectancy, thereby justifying a higher viatical settlement.
The sticky residue from the days of viatical settlements and associations (real or imagined) with stranger-owned life insurance has dogged the life settlement business for years.