viatical settlement

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viatical settlement

n
(Insurance) the purchase by a charity of a life assurance policy owned by a person with only a short time to live, to enable that person to use the proceeds during his or her lifetime. See also death futures
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.viatical settlement - cash derived from sale of an insurance policy by a terminally ill policy holder
advance death benefit - a percentage of death benefits paid directly to policy holders having a short life expectancy (usually 6 months)
2.viatical settlement - sale of an insurance policy by a terminally ill policy holder
liquidation, settlement - termination of a business operation by using its assets to discharge its liabilities
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