stranger-originated life insurance
n.— «In what has to be the wackiest new trend in life insurance, many consumers are allowing total strangers to place bets on when they will expire—and the sooner they go, the bigger the payoff. It’s called Stranger-Originated Life Insurance, or STOLI for short.» —“Stranger-Originated Life Insurance a bad bet, regulators say” by Paul Wenske Kansas City Star (Kansas City, Kansas/Missouri) Mar. 8, 2008. (source: Double-Tongued Dictionary)
Further reading
The last syllables of Arkansas and Kansas don’t rhyme, but both come from the language of the same Sioux tribe. The name of Kansas was adopted by English-speaking people who came to that area, while the name of Arkansas came from those who were...
Need a slang term that can replace just about any noun? Try chumpie. If you’re from Philadelphia, you may already know this handy placeholder word. And there’s Queens, Brooklyn, Staten Island, Manhattan, and … The Bronx — why do we add...
These policies are also referred to as Investor-Initiated Life Insurance.