Fixed amount option

{
  "id": "MLC-T-INS-001535",
  "term": "Fixed amount option",
  "field": "Insurance and risk management",
  "definition": "A settlement option for life insurance policy proceeds or annuity payments where the beneficiary or annuitant receives a predetermined, regular payment amount until the principal and interest are exhausted. The duration of payments varies depending on the amount chosen and the interest earned. This option provides predictable income for the recipient.",
  "url": "https://mlchart.com/terminology/insurance/fixed-amount-option/"
}