Word: viator
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Dates: during 1990-1999
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There are other pitfalls. In many cases, if the viator lives longer than expected, investors can end up having to pay premiums to maintain the policy. And unlike stocks or bonds, these are highly illiquid investments. That means that in the event of an emergency, there's no quick, easy way to get your money back...
...viatical is not another impotence wonder drug. Rather, a viatical (from the Latin viaticum, a payment given to Roman officials before embarking on a journey) is a way for a terminally ill or elderly person (the viator) to get money before he dies by selling his life-insurance policy at a discount. The discount, usually 10% to 40% of the policy's face value, is based on the viator's life expectancy; once the viator dies and a broker takes a commission, the investor collects the rest of the benefits. A decade ago, viaticals were embraced by the AIDS community...
...Viators can be victims too. There are brokers who reap hefty, 18% commissions without getting the sellers--often ill, vulnerable people--the best deal available. One viator who went through Alpha Capital Group, a viatical provider that is fighting a cease-and-desist order from Washington State, ultimately received $5,400, or 6% of the policy's $90,000 face value...