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Insurance Definition: VIATICAL SETTLEMENT COMPANIES

By Compuquotes Team on March 27th, 2008

VIATICAL SETTLEMENT COMPANIES:

Definition:

  • 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.

Information provided by Insurance Information Institute

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