A policy that pays an income to the beneficiary starting after the death of the insured and continuing for a stated period of time. At the end of the income period the face amount of the policy is paid to the beneficiary.
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Outpatient
An individual (patient) who receives health care services (such as surgery) on an outpatient basis, meaning they do not stay overnight in a hospital or inpatient facility. Many insurance companies have identified a list of tests and procedures (including surgery) that will not be covered (paid for) unless they are performed on an outpatient basis. The term outpatient is also used synonymously with ambulatory, to describe health care facilities where procedures are performed.