1. Procedure of helping a group policyholder in setting up initial and continuing administrative practices of the group’s insurance plan. 2. Activities from the time an applicant decides to purchase a group insurance policy to the time the contract and its certificates are issued.

Official document issued to the beneficiary of a life insurance policy that states the amount of each benefit payment and/or the period during which benefit payments are to be made under a settlement option. It also states if a beneficiary is allowed to withdraw all or part of the funds during the payment period.

Provision in a group term life insurance policy that equal installments are paid by the insurer over a specified time period in the event of an insured’s total and permanent disability.

Life income option with a refund that specifies that proceeds remaining on the death of the beneficiary will be paid in installments to the contingent payee.

Payment of an insurance policy’s proceeds in a series of payments at regular intervals instead of a lump sum.