Viatical settlement means an agreement allowing a third party to acquire a life insurance policy from a terminally ill individual at an agreed-upon percentage of the life insurance policy's face value.¶

Viatical settlement means payment to the policyholder of a life insurance policy, or to the certificate holder of a group life insurance certificate, insuring the life of a person who has a cata- strophic or life−threatening illness or condition, in an amount that is less than the expected death benefit under the policy or certifi- cate, for assigning, selling, devising or otherwise transferring the ownership of or the death benefit under the policy or certificate to the person paying the viatical settlement.

Viatical settlement means compensation or other valuable consideration paid to the viator in return for the viator's assignment, transfer, sale, devise or bequest of the death benefit or ownership of a life insurance policy or certificate to the viatical settlement provider which compensation or other valuable consideration is less than the expected death benefit of the life insurance policy or certificate.

Examples of Viatical settlement in a sentence

Viatical settlement investment contract issuers and registered agents of issuers must provide specific, written disclosures of risk to Iowa investors at the time of the initial offer to sell a viatical settlement investment contract.
Viatical settlement contract issuers and registered agents of issu- ers must provide specific, written disclosures of risk to Iowa investors at the time of the initial offer to sell a viatical settlement contract.
Viatical settlement activities are “incidental” to a producer’s insurance business activities if that producer receives a commission or other remuneration as a result of no more than one viatical settlement contract completed in the calendar year for which the exemption is claimed.
Student’s knowledge can be assessed through recall, recognition, classification, comparison and discrimination of data and detection of errors.Teachers should know the preparation and use of various kinds of test items under the three main categories of essays, short answer and objective types.
The term does not include an34 attorney, accountant or financial planner retained to represent the35 viator whose compensation is paid directly by or at the direction of the36 viator.37 "Viatical settlement contract" means a written agreement entered38 into between a viatical settlement provider and a viator.

More Definitions of Viatical settlement

Viatical settlement means an agreement that is solicited, negotiated, offered, entered into, delivered, or issued for delivery in this state under which a person pays anything of value that is:

Viatical settlement means compensation or other valuable consideration paid to the viator in return

Viatical settlement or "settlement" means an agreement entered

Viatical settlement means a transaction between a viator and a viatical settlement provider in which the viatical settlement provider pays compensation or other value in return for the viator's assignment, transfer, sale, devise or bequest to the viatical settlement provider of the ownership of, or the death benefit payable under, a life insurance policy or a certificate.

Viatical settlement means an agreement that is

Viatical settlement means a written agreement for the payment of money, or

Viatical settlement means the sale or cashing in of a life insurance policy, prior to the death of the insured, due to the fact that the insured has experienced a catastrophic, life-threatening or chronic illness or condition.