viatical settlement

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Concise Oxford English Dictionary © 2008 Oxford University Press:
viatical settlement /vʌɪˈatɪk(ə)l/

▶noun an arrangement whereby a person with a terminal illness sells their life insurance policy to a third party, in order to benefit from the proceeds while alive.

– origin 1990s: viatical from L. viaticus ‘relating to a journey or departing’ + -al.

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