InsuranceLoss of use Group insurance Key employee Private insurance Experience rating Earthquake insurance
Viatical settlement
When an unrelated third party buys a life insurance policy from a terminally ill individual, it is known as a viatical settlement. This allows the policy owner to receive a lump sum payment while they are still alive, providing financial relief for medical expenses. In return, the third party becomes the new beneficiary and receives the payout upon the death of the original policy owner. This practice has sparked ethical debates in the financial industry due to the potential exploitation of vulnerable individuals.
Related terms
Understand the meaning and definition of Loss of use in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Group insurance in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Key employee in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Private insurance in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Experience rating in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Earthquake insurance in the context of stock market, trading, and investments.
MORE
Explore other categories
10 Cr+DOWNLOADS
Enjoy Zero Brokerage On Stock Investments
Get the link to download the App
