settlement option

American  

noun

Insurance.

1. 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.

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Example Sentences

In a statement, Morrisons said: "When this appalling incident happened we were horrified and dismissed Amjid Khan. "We then offered a settlement option to Mr Mohamud but he and his legal team wanted to progress a case which involved widening the rules on vicarious liability - where a company can be held liable for the actions of an individual member of staff.

From BBC

“Once something gets settled, even if it’s not the most popular settlement option, it still gives you a sense of what the rules are and what you need to do to readjust,” said Sam Ramey, the owner of Sultan Mediterranean Cafe in North Andover, Mass., who says he is hopeful that the deal will bolster his customers’ spirits.

From New York Times

The visas are designated for senior career scientists who are leaders in their fields and want to come to Britain, and will allow them to work in the United Kingdom for an initial period of 3 years and 4 months, with a possible extension of 2 years and a permanent settlement option.

From Science Magazine