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viatical settlement |
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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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| Under an amendment Poolman proposed to the NAIC's model law on viatical settlements, life settlement transactions would be barred within five years after the issuance of a policy. With viatical settlements burgeoning into the broader sector of life settlements, many insure& now sell their policies to investors using settlement companies--a largely unregulated market that divides policies into fractional interests. Viatical settlements enable an insured to receive benefits, prior to death, to pay for the costs of care. |
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