The Lords Insurance Blog

Making Insurance

Term of the Day

From our insurance terms section, this is the definition:

Viator – The terminally ill person who sells his or her life insurance policy.”

 

What Does Viator Mean?
As its name suggests, the concept refers to an individual who has a terminal, serious or even a life-threatening disease and who therefore chooses to sell his or her life insurance contract. The reason for this act from the ill person’s point of view is to improve his or her life-quality and have enough financial resources to the possible health-care expenses.

One more piece of information that is worth mentioning is that such selling is usually made at a high discount, so insurance companies who make such purchases have a lot to gain.

Viator Explained
Generally speaking, the person called a viator receives an amount in cash at around 50 or 70 percent of the insurance contract’s total value. For some people this method could be the only saviour, as by receiving liquidity one can pay his or her medical coverage, which otherwise would probably be impossible.

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Written by lordsinsurancelog

December 16, 2010 at 5:07 pm

Posted in Daily Quip

Tagged with , ,