An insurance under which a ‘one off’ premium secures cover for a long term, even in perpetuity as for a restrictive covenant indemnity.
Insurance Encyclopedia
Single premium bonds/insurance bonds
Life company single premium contracts providing a lump sum investment with limited cover for medium- to long-term capital growth. They are a collective investment alternative to a unit trust. Special tax rules allow limited tax free withdrawals but capital growth is subject to higher rate income tax. The bonds may guarantee income or growth. Bonds may be categorised as: managed bonds; with profits bonds; equity bonds or income bonds.
Single premium funding method (Pensions)
A method used to save money to be used toward future benefit payments. Under this method, the money needed to pay out the benefits each year is paid to an insurer or a trust fund on an annual basis.
Single premium method
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.
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 .