Viaticus Settlement (Noun)
Meaning
Sale of an insurance policy by a terminally ill policy holder.
Classification
Nouns denoting acts or actions.
Examples
- The terminally ill patient sold her life insurance policy to a third-party investor through a viaticus settlement to receive a lump sum payment for her medical expenses.
- After being diagnosed with a terminal illness, John decided to pursue a viaticus settlement to sell his life insurance policy and use the funds to support his family.
- The viaticus settlement company provided the necessary documentation and support for the policyholder to transfer ownership of the policy in exchange for a cash payment.
- By entering into a viaticus settlement, Sarah was able to access a significant portion of her life insurance policy's value while still alive, which helped alleviate her financial burden.
- The viaticus settlement allowed Michael to sell his life insurance policy and use the proceeds to travel and fulfill his bucket list before his condition worsened.