Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

life settlement

Read a random definition: American Society of Composers, Authors, and Publishers

A quick definition of life settlement:

Life settlement is when someone who is very sick sells their life insurance policy to someone else for a lump sum of money. The person who buys the policy gets the money when the sick person dies. This is often done by people with AIDS.

A more thorough explanation:

A life settlement is a transaction where a terminally or chronically ill person sells the benefits of their life insurance policy to a third party in exchange for a lump-sum cash payment. This payment is usually a percentage of the policy's face value. When the insured person dies, the investor receives the insurance benefit. This is also known as a viatical settlement.

For example, an AIDS patient may sell their life insurance policy at a discount of 20% to 40% depending on their life expectancy. The investor pays the patient a lump sum and receives the insurance benefit when the patient dies.

Life settlements are different from other types of settlements, such as property settlements, which involve the conveyance of property or interests in property to provide for beneficiaries in a way that differs from what they would receive as heirs under the statutes of descent and distribution. Other types of settlements include structured settlements, which involve the defendant agreeing to pay periodic sums to the plaintiff for a specified time, and out-of-court settlements, which are arrived at without the court's participation.

life sentence | life-sustaining procedure

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.