viatication
- noun
- /vaɪəˈtɪkeɪʃən/
- Specialized
:
viaticación
- The company specializes in viatication, allowing terminally ill patients to convert their life insurance policies into immediate cash.
Examples
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Through viatication, individuals can access vital funds quickly while providing their life insurance policy benefits to the buyer after their passing.
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The company specializes in viatication, providing cash to those with limited life expectancy.
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He considered viatication to help cover his medical expenses during his illness.
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Regulations around viatication are designed to protect vulnerable policyholders from exploitation.
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The viatication process can provide immediate funds for those in need.
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Many financial advisors recommend viatication as a viable option.
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Regulations around viatication ensure that policyholders receive fair compensation for their life insurance policies.
Synonyms
Buying a very sick person's life insurance to collect the money when they die
Surface Forms
Morphology
viatication = viaticate (opaque) = viatic + ation
The word contains the recognizable noun-forming suffix '-ation', but its insurance-specific meaning is highly specialized and not recoverable from the base alone for an average learner.
Etymology
Viatication comes from the Latin viaticum, from via meaning 'road', and it originally meant 'money for a journey'. A helpful way to remember viatication is to think of it as 'travel money' for a final trip: it is the sale of a life insurance policy by a very sick person to get cash now, while the buyer receives the policy benefit after the seller dies.
