viatical settlement

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The purchase by a company set up as a charity of the life assurance policy owned by someone with only a short time to live, to enable that person to make use of the proceeds of the policy during his or her lifetime. The price paid is between the surrender value of the policy and the sum assured, on average about 70% of the sum assured. Term assurance policies are not eligible for this form of settlement.

Subjects: Financial Institutions and Services.

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