Fixed-amount Settlement Option
Definition of "Fixed-amount settlement option"
Choice of beneficiary in which the death benefit of a life insurance policy is retained by the company to be paid as a series of installments of fixed dollar amounts per installment until the death benefit and interest are exhausted. Any excess interest earned above the minimum guaranteed is applied to extend the time period for making the payments. This option emphasizes dollar amount per installment as opposed to length of time installments are to be paid.
Popular Insurance Terms
Requirement that the deductible must be met for each separate illness or accident before benefits are payable under major medical insurance. ...
Court-appointed or commissioner of insurance-appointed custodian to manage the affairs of an insurance company whose management is deemed unable to manage that company in a proper fashion. ...
The concept behind a Private Mortgage Insurance (PMI) is pretty simple: it exists to make sure the lender doesn’t lose its money. What it does is “buy” the possible ...
Group coverage for members of a fraternal association, usually on a nonprofit basis. ...
Title of a published set of rules, adhered to by member companies of major property and liability associations, that stipulate how losses should be adjusted when the same loss is covered by ...
Provision of liability insurance that excludes coverage for dishonest acts of an insured. ...
Addition to a basic insurance policy to further explain coverages, add or exclude perils and locations covered, and add or delete positions covered. For example, an endorsement to the ...
Same as term Basic Limit of Liability: required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many ...
Plan under which an employee may make a rollover contribution. If that contribution is from a qualified trust, the employee may make rollover contributions to an employer's qualified trust, ...
Have a question or comment?
We're here to help.