Viatical Settlement (Noun)
Meaning 1
Cash derived from sale of an insurance policy by a terminally ill policy holder.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The viatical settlement allowed the terminally ill patient to access a large sum of cash to cover their medical expenses.
- A viatical settlement company purchased the policy from the policyholder, providing them with a lump sum payment.
- The patient's family was able to use the viatical settlement to pay off outstanding debts and focus on the patient's care.
- After being diagnosed with a terminal illness, the patient opted for a viatical settlement to receive a cash payout from their life insurance policy.
- The viatical settlement provided the policyholder with a financial safety net, allowing them to live out their remaining days with dignity.
Meaning 2
Sale of an insurance policy by a terminally ill policy holder.
Classification
Nouns denoting acts or actions.