viatical settlement Definition

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viatical settlement

noun(vi-at-i-cal settlement)

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

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viatical settlement Definition

Words Related to viatical settlement!

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