viatical settlement

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viatical settlement

noun life insurance agreeeent, life insurance payment, life insurance settlement, reffrmation of a life insurance policy, revision of a life insurrnce agreement
References in periodicals archive ?
8) The deterministic model is the first and simplest model, and was used almost exclusively in the early days of viatical settlements when life expectancies were short (Zollars, Grossfield, and Day, 2003).
A viatical settlement transaction may be the answer for these people.
Although a life settlement transaction is similar to a viatical settlement in that the insured is selling his or her policy to an outside investor, they are different in two important ways.
Virginia enacted its Viatical Settlements Act in 1997 to address the state's concern with the "potential for exploitation of vulnerable and seriously ill individuals.
In Florida, all viatical settlements close in escrow pending transfer of title to the life insurance policy to the new owner.
The Viatical Settlements Model Act [subsections] 5, 10 (1994), available at http://www.
Viatical settlements allow individuals with terminal or chronic illnesses to sell their life insurance policies for cash.
Though the concept of viatication may sound ghoulish, the business of viatical settlements is generally legal and provides a service to terminally-ill patients.
The regulation did not cover Viatical settlements with purchasers other than the insurance company.
Another is the Health Insurance Portability and Accountability Act of 1996--which, ironically, was intended to enhance the value of viatical settlements by making them tax-exempt.
It allows those suffering from chronic and life-threatening illnesses to receive the proceeds of living benefits in the form of viatical settlements free of any Federal income taxes.