S, a life insurance policyholder, signs a formal agreement to sell and transfer her life insurance policy in exchange for instant cash. A Viatical Settlement is the name given to this arrangement.
A contractual settlement is a written agreement to give a life insurance policy holder instant cash in exchange for the sale and transfer of a life insurance policy. A contract between an insurance policy holder and an insurance company in which the insurer agrees to pay a quantity of money in exchange for a premium upon the demise of an insured person or after a specific amount of time is known as life insurance.
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