The privilege of a beneficiary to convert unpaid income payments under a settlement option of an annuity or life insurance policy into a lump-sum payment.
An insurance settlement involves receiving proceeds from an insurance policy. The terms of the settlement are outlined in the policy and may include options like immediate lump sums or periodic payments.
Single Premium Life Insurance (SPLI) is a type of life insurance coverage where the policyholder makes a one-time lump sum payment to fully fund the policy. After this initial payment, no further premiums are required for maintaining the coverage.
