viatical settlement
noun
vi·at·i·cal settlement
vī-ˈa-ti-kəl- 
: an agreement by which the owner of a life insurance policy that covers a person (such as the owner) who has a catastrophic or life-threatening illness receives compensation for less than the expected death benefit of the policy in return for a turning over (as by sale or bequest) of the death benefit or ownership of the policy to the other party (such as a company specializing in such transfers)
called also viatical
Dictionary Entries Near viatical settlement
Cite this Entry
“Viatical settlement.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/viatical%20settlement. Accessed 29 Nov. 2024.
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viatical settlement
noun
vi·at·i·cal settlement
vī-ˈa-ti-kəl-
: an agreement by which the owner of a life insurance policy covering a person (as the owner) with a catastrophic or life-threatening illness receives compensation for less than the expected death benefit of the policy in return for an assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy to the other party (as a company specializing in such transactions)
Etymology
probably from Latin viaticum provision for a journey
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