Deferred or immediate annuity purchased with one premium payment. Also see annuity .
Insurance Encyclopedia
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.
Single-purchase annuity contract
Group annuity agreement where one premium is used to purchase for the participants in a retirement plan that is terminating (i.e., immediate annuities for current retirees and deferred annuities for those who are not yet of retirement age).
Singleton Policy
A combined company policy form issued on behalf of a single insurer.
Sinkhole collapse (Property Insurance)
A peril caused by earth movement that consists of a sudden collapse of land into an empty space under the ground. This peril may be covered by a commercial property form.
Sinkhole peril
Risk of loss by collapse of a sinkhole.
Sinking
To be “sunk” the vessel must have been effectively sunk. If she could have been further immersed, she is not “sunk.”
Sinking Fund Policy
See: “Capital Redemption Policy.”