Definitions for viatical settlement
vi·at·i·cal set·tle·ment

Princeton's WordNetRate this definition:0.0 / 0 votes

1. viatical settlementnoun

   cash derived from sale of an insurance policy by a terminally ill policy holder

2. viatical settlement, viaticus settlementnoun

   sale of an insurance policy by a terminally ill policy holder

ChatGPTRate this definition:0.0 / 0 votes

1. viatical settlement

   A viatical settlement is a financial arrangement where a person with a terminal or severe illness sells their life insurance policy at a discounted price to a third party, often a viatical settlement company. This third party then becomes the beneficiary of the policy and receives the full amount of the death benefit when the original policyholder dies. The policyholder receives a lumpsum payment which is less than the death benefit but can be used to pay for medical needs, living expenses, or other costs.

WikidataRate this definition:0.0 / 0 votes

1. Viatical settlement

   A viatical settlement is the sale of a policy owner's existing life insurance policy to a third party for more than its cash surrender value, but less than its net death benefit. Such a sale provides the policy owner with an lump sum. The third party becomes the new owner of the policy, pays the monthly premiums, and receives the full benefit of the policy when the insured dies. "Viatical settlement" typically is the term used for a settlement involving an insured who is terminally or chronically ill. A person generally is chronically ill if the person is unable to perform at least two activities of daily living, such as eating, using the toilet, bathing oneself, or dressing oneself; requires substantial supervision to protect himself or herself from threats to health and safety due to severe cognitive impairment; or has a level of disability similar to that described in as determined by the U.S. Secretary of Health and Human Services. A person generally is terminally ill if the person has an illness or sickness that can reasonably be expected to result in death within two years. As medical advancements improved the lives of those persons living with terminal or chronic illnesses, the life settlement industry emerged.

Matched Categories

1. • Advance Death Benefit
   • Liquidation

How to pronounce viatical settlement?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say viatical settlement in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of viatical settlement in Chaldean Numerology is: 8

2. Pythagorean Numerology

   The numerical value of viatical settlement in Pythagorean Numerology is: 3

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=viatical settlement
2. ^ ChatGPT
   https://chat.openai.com
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=viatical settlement