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 ?
Using data from a unique random sample of HIV+ patients, we estimate welfare losses from transactions prevented by binding price floors in the viatical settlements market (an important segment of the secondary life insurance market).
The Viatical Settlements Model Act [subsections] 5, 10 (1994), available at http://www.
The viatical settlement works much in the same way, except it's for those with cancer, heart disease or any other life-threatening illness.
Viatical settlements are becoming increasingly popular among seniors who require immediate cash for a wide range of needs.
Viatical settlements raise regulatory concerns under the insurance laws.
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.
However, in some states life and viatical settlements are considered securities, their sale is formally regulated and agents must be separately licensed.
West Virginia's new law defines issuing, soliciting, marketing or promoting stranger-originated life insurance as a fraudulent viatical settlement act.
Although viatical settlements have been available for a long time, it was not until the AIDS epidemic of the late 1980's that viatication became more common.
Some states issue separate licenses to operators for life settlements and viatical settlements.
Because of the need to protect insureds and to create a transparent and fair viatical settlements market, the National Association of Insurance Commissioners developed the Viatical Settlements Model Act in 1993 as well as accompanying rules to guide states in their regulation of the viatical settlements industry.