Viator

Definition

  • A terminally ill individual who agrees to sell their life insurance policy to a third party at a discount in exchange for a cash settlement, a transaction called a "viatical settlement."

Synonyms
sale of provisions, cash in lieu of benefits, seller of benefits, terminally ill policy holder

Related Terms and Acronyms

  • Accelerated Benefit Option Definition,
    • An option that allows the insured to receive insurance benefits before they would ordinarily be available.
  • Financing Entity Definition,
    • An entity that purchases an insurance policy or settlement contract.
  • Loss Payee Definition,
    • An entity that is legally entitled to the benefits of an insurance claim.
  • Spin-Life Definition,
    • A financial industry that specializes in buying life insurance policies from individuals or convincing individuals to take out new life insurance policies with an investor as a beneficiary.
  • Stranger Originated Life Insurance (STOLI) Acronym,
    • A life insurance policy purchased by someone without any insurable interests with the insured person.
    Illegal in many Canadian provinces.
  • Viatical Settlement Definition,
    • A contract where an individual agrees to sell his or her life insurance policy to a third party before their death.
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