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Insurance Term Definition
Life Settlement:
• A financial transaction in which a policyowner possessing an unneeded or unwanted life insurance policy sells the policy to a third party for more than the cash value offered by the life insurance company. The seller receives immediate cash for the policy from the purchasing entity which becomes the new beneficiary of the policy at maturation and is responsible for all premium payments from the time of the purchase until the seller passes away.
Viaticals:
• A type of life settlement in which individuals with terminal illness or with life expectancies of 24 to 36 months sold life insurance policies to investors for a percentage of the face amount. Viatical companies emerged in response to HIV/AIDS.
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