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Viatical Settlements
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DEFINITION OF VIATICAL MARKET PLACE

An industry that serves as a secondary option for life insurance policy owners. Generally, viatical settlement providers (investors) purchase policies from policy owners for a lump sum of cash, and take over all premium payments until maturity. At that time, the investors would collect the net death benefit directly from the life insurance company. Typically, this term is used for transactions involving only terminally ill or chronically ill Insureds; however many states have begun to adapt their existing laws to cover all transactions with Insureds of any age and any conditions under this definition.

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