viatical settlement

One entry found for viatical settlement.

Main Entry: vi·at·i·cal settlement
Pronunciation: vI-'a-ti-k&l-
Function: noun
Etymology: probably from viaticum
: an agreement by which the owner of a life insurance policy that covers a person (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 (as a company specializing in such transfers) -- called also viatical