Viatical settlement, a term that is often used in the life settlement industry, can be defined as the sale of an existing life insurance policy to a third party for a cash payout. It is essentially a financial transaction that allows individuals who are seriously ill and have a life expectancy of less than two years to cash out their life insurance policies for a lump sum of money, which can be used to cover medical and other related expenses. Some synonyms for viatical settlement include "life settlement," "senior settlement," "life assurance settlement," and "terminal illness settlement." These synonyms all involve the same process of selling a life insurance policy to a third party for a cash payout. While the terminology may differ, the underlying concept remains the same - providing a financial solution for individuals in need who have an existing life insurance policy.