What is the Definition of Single Premium Policies?
What is the Definition of Single Premium Policies?
A type of life insurance or annuity contract that is purchased by the payment of one lump sum. (1) A single-premium deferred annuity (SPDA) is an annuity contract purchased with a single premium payment whose periodic income payments generally do not begin until several years in the future. (2) A single premium immediate annuity (SPIA) contract is an annuity contract that is purchased with a single premium payment and that will begin making periodic income payments one annuity period after the contract’s issue date.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Single Premium Policies?
You can find random definition and meaning of insurance terms below:
What is the meaning of Public Adjuster
independent claims adjuster representing policyholders instead of insurance companies.
What is the meaning of Pure Premium
that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.
What is the meaning of Pure Risk
circumstance including possibility of loss or no loss but no possibility of gain.
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