Viatical settlement definition
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 disclosure document developed by the Secretary of State and available on the State of Mississippi the Division’s Form VIAD, Part I.
Viatical settlement providers must also file their viatical settlement contracts with the DOI and obtain DOI approval prior to using them in Florida.
In a state where viatical settlements are not regulated, Florida law would apply to licensees for agreements or contracts written in that state.1 Viatical settlement providers may establish a related-provider trust for the purpose of entering into viatical settlement contracts.
Viatical settlement disclosure document developed by the Secretary of State and available on the the Division’s Form VIAD, Part I.
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 transaction between a viator
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.