Payment of the proceeds of a Life Insurance policy, or its cash value in installments rather than in a lump sum. The term refers to any one of the options in a Life Insurance policy that has this result.
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In marine insurance, a clause inserted in an open cover policy defining the basis of an acceptable Insured value in respect of shipments that are declared ‘late’. The basis normally includes the invoice cost of the goods plus insurance charges, freight and a fixed percentage representing the profit to the seller.