Sentences with viatical settlement
vi·at·i·cal set·tle·ment
V v - In a viatical settlement, a terminally ill policyholder sells their life insurance policy and names the buyer as beneficiary and owner.A viatical settlement involves the purchase of a life insurance policy from an elderly or terminally ill policyholder.In a viatical settlement, a third party buys a life insurance policy owned by a person with only a short time to live, so that the person can use the proceeds during their lifetime.
- This term comes from the word Viaticum, which is the communion given, especially in the Roman Catholic church, to a person who is on the point of death. Viaticum is a Latin word meaning 'provisions for a journey'.