viatical settlement
Pronunciation: /vʌɪˈatɪk(ə)l/
Definition of viatical settlement
noun
- an arrangement whereby a person with a terminal illness sells their life insurance policy to a third party for less than its mature value, in order to benefit from the proceeds while alive. See also death futures.
Origin:
1990s: viatical from Latin viaticus 'relating to a journey or departing' + -al