A viatical settlement (also known as a life settlement) is a sale of a life insurance policy of an insured person with an abbreviated life expectancy. Sellers are typically terminally ill patients who want to cash out of their life insurance...
insurance
irrevocable life insurance trust (ILIT)
Irrevocable life insurance trusts (ILIT) allow individuals to ensure the benefits from a life insurance policy can avoid estate taxes and follow the interests of insured. ILITs must be irrevocable, meaning the insured cannot change or undue...
liability insurance coverage
Liability insurance coverage refers to a third-party liability policy. A third-party liability policy “provides coverage for liability of the insured to a ‘third party.’” Liability insurance is based on the ideas of fault, proximate cause, and duty....
life expectancy
Life expectancy is a calculation of the amount of time a person is expected to live, often using actuarial tables based upon multiple factors like age, health, origin, wealth, or gender. Life expectancy arises in many legal circumstances...
life insurance
Life insurance is a contract between the insurance company and an insured, or policyholder, in which the company promises that at the death of the insured, the company will pay a certain amount of money to a person the insured designates in...
life insurance avails
Life insurance avails refers to anything an owner of a life insurance policy receives besides the basic proceeds from the policy. Life insurance avails can refer to borrowing against the policy or cash surrender value of the policy to the...
life insurance trust
Life insurance trusts (also referred to as irrevocable life insurance trusts (ILIT)) allow individuals to ensure the benefits from a life insurance policy can avoid estate taxes and implement the interests of insured. These trusts must be...
loss damage waiver (LDW)
Loss damage waivers (LDW), collision damage waivers (CDW), and physical damage waivers (PDW) are all synonymous (Car Rental Practices Guidelines section of The Law of Advertising). Generally, a loss damage waiver is a contract that a consumer may enter...
Medicaid
Medicaid is a medical assistance program jointly financed by state and federal governments for low income individuals and is embodied in 42 U.S.C. §1396 et seq. It was first enacted in 1965 as an amendment to the Social Security Act of 1935....
Medicare
Medicare was enacted in 1965 as one of President Lyndon B. Johnson's Great Society programs. The current version of Medicare can be found at 42 U.S.C. § 1395 et seq. The Medicare system was originally administered by the Social Security...