Fixed-period Option Settlement
Beneficiary's choice, in a life insurance policy or annuity, for receiving income payments for a given period of time. The number of payments are fixed by the payee; the benefit amount is determined by the death proceeds. For example, an income benefit of $1000 per month is paid for a period of 48 months, whereupon all income payments cease.
Popular Insurance Terms
Written agreement that puts insurance coverage into effect. ...
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Total earned premiums minus total expenses and losses paid of the insurance company. ...
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Method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the claim above that limit up to a specific ...
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