Definition of “Fixed Time Option Payment”
Beneficiary’s choice, in a life insurance policy or annuity, to receive income payments for a certain period of time. The number of payments is fixed by the payee; The amount of the benefit is determined by the amount of money collected at the time of death. For example, an income allowance of $1000 per month is paid for a period of 48 months, after which all income payments cease.
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