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viatication

 

Definitions from WordNet

Noun viatication has 1 sense
  1. viatication, viaticus - purchasing insurance policies for cash from terminally ill policy holders
    --1 is a kind of buying, purchasing

Definitions from the Web

Viatication

Description:

Viatication refers to the process of selling one's life insurance policy to a third party for a lump sum of money before the policyholder's death. It is typically done by individuals facing a serious illness or in need of immediate funds. Viatication offers a way to access funds that would otherwise be locked in the policy until the policyholder's passing.

Examples of Usage:

Noun - Financial Transactions:

"John decided to explore the viatication option to help cover his medical expenses."

"Viatication can provide a financial solution for terminal patients who need immediate funds."

Noun - Life Insurance Industry:

"The viatication market has grown significantly over the past decade, providing unique investment opportunities for buyers."

"Many life settlement companies specialize in viatication and offer competitive rates to policyholders."

Verb - Selling Life Insurance Policy:

"She viaticated her life insurance policy to secure the necessary funds for her child's education."

"The policyholder can choose to viaticate the policy and receive a lump sum payment instead of waiting for the maturity."

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