Definition of "Lump sum"
In life insurance, single payment instead of a series of installments.
Popular Insurance Terms
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Attachment to a property insurance policy to protect the interest of the mortgagee in the mortgaged property. If the property is damaged or destroyed, the mortgagee is indemnified up to his ...
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Individual who is legally responsible for taking care of another individual (s) who is deemed to be incapable of managing his/her own affairs. For example, children under the age of ...
Clause in a life insurance policy that states that once the cash value exceeds the net single premium (based on current interest and mortality rates) required for the policy to become ...
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