The ways in which policy holders or beneficiaries may choose to have benefits paid other than a lump sum.
The different options from which the beneficiary can choose to receive the proceeds from a life insurance policy. Choices include lump sum, specified number of years or life long payment plans. Also referred to as Optional Modes of Settlement.
Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: (1) make a cash payment; (2) take possession of damaged or destroyed property and replace it with property of like kind and quality, or (3) repair the property so that it is restored to its structural condition prior to the loss and return the repaired property to the insured. Usually insurance companies settle losses by a cash payment to the insured.
Provisions in the life insurance policy that offer alternative methods for paying the cash value or the death proceeds.
Choices which are given to the policy owner or beneficiary of a life insurance policy regarding the method by which the insurer will pay policy proceeds (for example, whether payment is to be made by lump sum distribution or in installments).
Method of withdrawing money from an annuity, determined by the length of the period desired and the number of annuitants.
Choices given to the certificate owner or beneficiary of a certificate regarding the method by which the insurer will pay the certificate proceeds.
Income payment plans you can choose when annuitizing your contract or your beneficiary can choose at the time of a claim under a life policy.
Nearly all life insurance policies issued provide for several optional modes of settlement in lieu of payments in a lump sum. The usual options are: (1) interest, (2) installments for a period certain, (3) life income with specified number of years payment certain, (4) fixed income as long as proceeds and interest will last.
The several ways, other than immediate payment in cash, that the policyholder or beneficiary may choose to have life insurance policy benefits paid.
The various methods for the payment of the proceeds or values of a Life Insurance policy that may be selected in lieu of a lump sum.
One of several ways, other than immediate payment in a lump sum, in which the insured or beneficiary may choose to have policy proceeds paid.
Policy provisions which provide choices for the distribution of the policy's proceeds; choices include lump sum, specified number of years, or life long payment plans.
Choices given to the owner or beneficiary of a life insurance policy regarding the method by which the insurer will pay the policy's proceeds when the policyowner does not receive the benefits in one single payment. Typically, the owner can elect (1) to leave the proceeds with the insurer and earn a specified interest rate, (2) to have the proceeds paid in a series of installments for a pre-selected period, (3) to have the proceeds paid in a pre-selected sum in a series of installments for as long as the proceeds last, or (4) to have the insurer tie payment of theproceeds to the life expectancy of a named individual through a life annuity. Also known as optional modes of settlement. See also life annuity. TO TOP
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Choices available to the policyowner or the beneficiary of a life insurance policy regarding the method by which the insurer will pay policy proceeds. Also known as optional modes of settlement. See also fixed amount option, fixed period option, interest option, joint and survivorship option, life income option, life income option with period certain, and life income option with refund.
This refers to how life insurance proceeds are to be paid to the named beneficiary(ies). It could be a lump sum or scheduled payments.
The alternatives offered to the insured or the insured's beneficiaries when settling a loss. Life insurance policies provide either a lump sum payment or a set annual amount for a fixed period. Accident and health policies usually provide for weekly benefits along with the payment of expenses as they occur, even though the disability may not last long enough to total the lump sum option.
The several ways, other than immediate payment in cash, which a policyholder or beneficiary may choose to have policy benefits paid out.