A method of settlement whereby the beneficiary receives the entire proceeds of a policy at once, rather than in installments.
A method of settlement whereby the beneficiary receives the entire proceeds of a policy at once, rather than in installments.
An event that results in an Insured loss. In some lines of insurance, such as Liability, it is distinguished from accident in that the loss does not have to be sudden and fortuitous and can result from continuous or repeated exposure which results in bodily injury or property damage neither expected nor intended by the Insured.