viatical settlement

British

noun

the purchase by a charity of a life assurance policy owned by a person with only a short time to live, to enable that person to use the proceeds during his or her lifetime See also death futures

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viatical settlement

A few months ago, he received the funding for his viatical settlement, which handed him $58,500, or roughly 40% of his $150,000 policy.

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Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023