What is the Definition of Viatical Settlement Companies?
Insurance firms that buy life insurance policies at a steep discount from policyholders who are often terminally ill and need the payment for medications or treatments. The companies provide early payouts to the policyholder, assume the premium payments, and collect the face value of the policy upon the policyholder’s death.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Viatical Settlement Companies?
You can find random definition and meaning of insurance terms below:
What is the meaning of Health Insurance
a generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses.
What is the meaning of Health Maintenance Organization (HMO)
a medical group plan that provides physician, hospital, and clinical services to participating members in exchange for a periodic flat fee.
What is the meaning of Health Plan
written promise of coverage given to an individual, family, or group of covered individuals, where a beneficiary is entitled to receive a defined set of health care benefits in exchange for a defined consideration, such as a premium.
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