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viatical settlement

DEFINITIONS OF: viatical settlement

1

n sale of an insurance policy by a terminally ill policy holder

Synonyms:
viaticus settlement
Type of:
liquidation, settlement
termination of a business operation by using its assets to discharge its liabilities

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

Type of:
advance death benefit
a percentage of death benefits paid directly to policy holders having a short life expectancy (usually 6 months)
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