A settlement option under which fixed, periodic benefit payments are made until the principal and interest are exhausted.
A settlement option under which fixed, periodic benefit payments are made until the principal and interest are exhausted.
Generally refers to (1) the amount of reduction in the value of an Insured’s property caused by an Insured peril; (2) the amount sought through an Insured’s claim; or (3) the amount paid on behalf of an Insured under an insurance contract.