Method of settlement wher the claimant or beneficiary receives the entire proceeds of the policy at once rather than in instalments. Life policies are usually settled in this way.
Insurance Encyclopedia
Lump sum (Life Insurance)
A settlement option wherein the insured or beneficiary chooses to accept the entire payout amount at once instead of in regular installments.
Lump sum certificate
Certificate ‘transferring’ pension scheme must supply when a member transfers to another scheme. The certificate shows the maximum available from the transfer payment for the new pension.
Lump sum commutation settlement
Under Medicare Secondary Payer guidelines, the injured party accepts a lump sum payment that compensates for all future medical expenses and disability benefits related to the work injury or disease.
Lump sum compromise settlement
Under Medicare Secondary Payer guidelines, a settlement that provides less in total compensation than the individual would have received if he or she had received full reimbursement for lost wages and lifelong medical treatment for the injury or illness. This situation may occur when compensability is contested.
Lump-Sum
The method of settlement provide by most policies unless an alternate settlement is selected by the Policy holder before death or the beneficiary before receiving the payment. specifically the whole amount due or still owing under the Policy contract.
Lutine Bell
The bell from HMS Lutine, a captured French vessel, lost in 1799 when carrying bullion much of which was recovered in 1857-8. The bell now hangs in the ‘Room’ at Lloyd’s above the Caller’s Rostrum and is rung to call attention to very important announcements such as casualties and arrivals of missing ships. It is rung once for bad news and twice for good news.