NAICS Code 522310-03 - Viatical Settlements

Marketing Level - NAICS 8-Digit

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NAICS Code 522310-03 Description (8-Digit)

Viatical settlements is a subdivision of the NAICS Code 522310 that involves the sale of life insurance policies by terminally ill or elderly policyholders to third-party investors. The investors purchase the policies at a discounted rate and become the beneficiaries of the policies upon the death of the original policyholder. Viatical settlements provide a way for policyholders to receive a lump sum of cash while they are still alive, and for investors to potentially profit from the death of the policyholder.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 522310 page

Tools

Tools commonly used in the Viatical Settlements industry for day-to-day tasks and operations.

  • Life expectancy calculators
  • Actuarial tables
  • Medical records review software
  • Underwriting software
  • Financial modeling software
  • Risk assessment tools
  • Legal document templates
  • Investment analysis tools
  • Portfolio management software
  • Compliance tracking software

Industry Examples of Viatical Settlements

Common products and services typical of NAICS Code 522310-03, illustrating the main business activities and contributions to the market.

  • Life insurance policies
  • Term life insurance
  • Whole life insurance
  • Universal life insurance
  • Variable life insurance
  • Group life insurance
  • Senior life insurance
  • Final expense insurance
  • Burial insurance
  • Estate planning

History

A concise historical narrative of NAICS Code 522310-03 covering global milestones and recent developments within the United States.

  • Viatical Settlements is an industry that emerged in the 1980s as a way for terminally ill patients to sell their life insurance policies to investors for a lump sum payment. This allowed the patients to receive money to pay for medical expenses and other costs while they were still alive. The industry grew rapidly in the United States during the 1990s, with billions of dollars in policies sold each year. However, the industry faced significant legal and regulatory challenges in the early 2000s, which led to a decline in activity. In recent years, the industry has seen a resurgence due to increased demand from investors seeking alternative assets and improved regulation at the state level. Viatical Settlements is an industry that has a long and complex history in the United States. In the early days of the industry, there were few regulations governing the sale of life insurance policies, which led to a number of fraudulent schemes and abuses. In response, many states passed laws to regulate the industry and protect consumers. In the 2000s, the industry faced a number of legal challenges, including lawsuits from insurance companies and regulatory actions by state governments. However, in recent years, the industry has rebounded due to increased demand from investors and improved regulation at the state level. Today, Viatical Settlements is a growing industry that provides an important service to terminally ill patients and investors alike.