Fixed-period Option Settlement

Definition of "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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...

Term describing illness, sickness, or disability incurred by the insured such that the insured is restricted to his or her home, a hospital, or a nursing home. Many health insurance ...

Extent of the loss caused by accidents. Used in predicting the dollar amount of losses upon which the premiums are based. ...

Present value of a future sum of money to be paid at a stipulated future date. ...

Insurance coverage for pitfalls associated with travel. The coverage can be classified as follows: Trip Cancellation the travelers) must cancel the trip because of unforeseen circumstances ...

Requirement that an individual must withdraw a minimum sum annually from retirement savings that have accumulated on a tax-deferred basis. This withdrawal must begin by April 1 of the year ...

Membership organization of state insurance commissioners. One of its goals is to promote uniformity of state regulation and legislation as it concerns the insurance industry. The NAIC ...

Organization of property insurance companies whose goal is to prevent and uncover fraudulent automobile fire and theft claims. ...

Failure to act with the legally required degree of care for others, resulting in harm to them. ...

Popular Insurance Questions