A pensions method of determining the premiums payable under an insurance contract with the object of meeting within each year the cost of benefits relating to that year.
Insurance Encyclopedia
Single premium policy (Life Insurance)
A policy paid through a single premium payment at the beginning of the term, rather than premiums paid over a longer period of time.
Single premium whole life (Life Insurance)
A policy that is fully paid through one payment, made at the time of purchase.
single service plan (SSP)
See: carve-out plan .
Single stage agency
State organization that administers and manages the state’s Medicaid program, a requirement of the Social Security Act.
Single-payer health care system
Centralized system in which one organization, usually the government, sets reimbursement rates and pays all of the bills for health care to the providers (e.g., Canada, Germany, Great Britain). Individuals are not restricted as to which physicians or hospitals they can visit for medical services. Also known as socialized medicine and single-payer system .
Single-payer system
See: single-payer health care system .
Single-premium annuity
Deferred or immediate annuity purchased with one premium payment. Also see annuity .
single-premium deferred annuity (SPDA)
See: single-premium annuity .
Single-premium method
Group creditor insurance purchased either at the beginning of the loan, with the entire premium lump-sum amount being paid, or by adding the premium to the principal of the loan.