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viatical settlement
noun
- the purchase by a charity of a life assurance policy owned by a person with only a short time to live, to enable that person to use the proceeds during his or her lifetime See also death futures
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Q: Is a viatical settlement a good way to get some money?
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But that is precisely what could happen when someone sells their own life insurance policy to a third party - a procedure known as a viatical settlement.
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A: A viatical settlement is when an investor buys a terminally ill person’s life-insurance policy.
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