Pronunciation: v ī - ' a-ti-k ə l-
Function: noun
Etymology: probably from viaticum
Date: 1991
: an agreement by which the owner of a life insurance policy that covers a person (as the owner) who has a catastrophic or life-threatening illness receives compensation for less than the expected death benefit of the policy in return for a turning over (as by sale or bequest) of the death benefit or ownership of the policy to the other party (as a company specializing in such transfers) ― called also viatical