settlement option

noun Insurance.
any of the options, other than immediate payment in a lump sum, by which the policyholder or beneficiary may choose to have the benefits of a policy paid. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
However, censure made sense only as a plea bargain settlement option to avoid the full impeachment trial process.
If you use the viatical settlement option, you do not have to satisfy the health requirements for long-term care insurance.
If you do not specify a payment method at the time you enroll, your beneficiary may choose a settlement option.
On the other hand, it must preserve the consent decree as a viable settlement option.
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