Page 66 - Other Income for Individuals

Accelerated Death Benefits (3/7)

STEP 01

SETTLEMENT STEP 03 STEP 04 STEP 05

VIATICAL SETTLEMENT

 Viatical settlement. This is the sale or assignment of any
part of the death benefit under a life insurance contract to
a viatical settlement provider.
 A viatical settlement provider is a person who regularly
engages in the business of buying or taking assignment of
life insurance contracts on the lives of insured individuals STEP 06
who are terminally or chronically ill and who meets the
requirements of section 101(g)(2)(B) of the Internal
Revenue Code.
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