settlement option
- 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
- He chose a life income with a period certain as his settlement option after his sister took full advantage of the policy.
- The insurance agent explained the advantages and pitfalls of different settlement options.
- The beneficiaries decided on a fixed period settlement option to have a stable income over the next 15 years.
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