Viatical & Life Settlements
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Viatical & Life Settlement Glossary

Death benefit -- the sum to be paid upon the demise of the insured; also referred to as face value (policy face value) or face amount.

Escrow agent -- a state or federally regulated financial institution whose responsibilities include accepting investor funds and transferring funds in order to purchase policies. Depending on the agreement with the viatical & life settlement company, the escrow agent also may pay insurance premiums, provide death certificates to the insurers, and receive death benefits for policies if the viatical investors are not the named beneficiaries. Note: Some companies use lawyers or accountants as their escrow agent. As described in the two Investor's Guide books, the choice of escrow agent may be one of the risks of this  investment. Also see Special Reports on James Capwill, CPA, and his company, Viatical Escrow Services.

Insured -- the person covered under the policy or certificate issued pursuant to a group life insurance policy.

Maturity -- the date on which policy death benefits are available due to the demise of the insured.

Owner -- the person or other entity who has the right to control the life insurance policy (or certificate, if a group life policy).

Purchase agreement -- the contract between the viatical & life settlements company and the investor

Underwrite -- to evaluate the risk; a task performed by professionals who are trained and experienced to evaluate specific factors that
influence the risk of profit and loss.

 

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