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Viator
(redirected from Viators)

   Also found in: Dictionary/thesaurus, Wikipedia 0.02 sec.
Viator
A dying person who sells his/her life insurance policy. The viator sells the policy at a deep discount (often as little as half) to its cash value. This is beneficial to the buyer because he/she receives a much larger amount when the buyer dies. This helps the viator pay for his/her medical expenses.


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As a general rule, viators are not required to submit to a medical examination as part of the application process.
Although viatical settlements were devised to help terminally ill viators and can be legitimate, the viatical industry has been characterized as "infected with scam artists, `ponzi' schemes, and other fraudulent activities.
Most significant is the 1996 Health Insurance Portability & Accountability Act which exempts viators from paying federal income tax on these settlements if they are terminally or chronically ill.
 
 
 
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