Viatical Settlement Company
Definition of "Viatical settlement company"
Company that buys life insurance policies from policyowners on the lives of insureds who are terminally ill. This type of company pays cash for the life insurance policies, usually in the range of 50% to 80% of the face amount. It also pays the premiums due and receives the death benefit when that person dies. Policies are purchased when the terminally ill person has 24 months or less to live.
Popular Insurance Terms
Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
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Law that established rules and regulations to govern private pension plans, including vesting requirements, funding mechanisms, and general plan design and descriptions. For example, three ...
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Information generated by the medical information bureau (MIB) and made available to member companies concerning medical information of applicants for life and health insurance. Member ...
Licensed agent's signature on an insurance policy. ...
Trust in which the trustee distributes capital and income to the beneficiaries of the trust according to their economic needs. ...
Rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
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