settlement option

Definition of "settlement option"
  1. A choice available for the method in which the beneficiary of a life insurance policy can receive their benefits, instead of a one-time lump-sum payment
How to use "settlement option" in a sentence
  1. He chose a life income with a period certain as his settlement option after his sister took full advantage of the policy.
  2. The insurance agent explained the advantages and pitfalls of different settlement options.
  3. The beneficiaries decided on a fixed period settlement option to have a stable income over the next 15 years.

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