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 providers and viatical settlement brokers shall have in place antifraud initiatives reasonably calculated to detect, prosecute and prevent fraudulent viatical settlement acts.
Viatical settlement providers shall acquire and maintain a surety bond in the amount of $100,000.
Viatical settlement providers wishing to utilize disclosure forms the wording of which differs substantially from that contained herein may not utilize such forms until they have been filed with and approved by the commission, either with the initial application for a viatical settlement provider license or at such later time as the viatical settlement provider may determine that it wishes to utilize a different form.
Viatical settlement providers, either directly or through aviatical settlement broker, shall be required to provide awritten disclosure form to the viator at the time of solicitationfor the viatical settlement and again at the time the viatical settlement contract is signed by all parties.
Viatical settlement providers and viatical settlement brokers shall be responsible for the actions of their authorized representatives.

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 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.

Viatical settlement means a transaction between a viator

Viatical settlement means a written contract entered into by a person who is the policyholder of a life insurance policy insuring the life of a terminally ill person, under which the insured assigns, transfers ownership, irrevocably designates a specific person or otherwise alienates all control and right in the insurance policy to another person, when the proceeds of the contract is paid to the policyholder of the insurance policy or the policyholder's designee prior to the death of the subject.