Fixed period option

{
  "id": "MLC-T-INS-001538",
  "term": "Fixed period option",
  "field": "Insurance and risk management",
  "definition": "A settlement option for life insurance proceeds or annuity payments where the beneficiary or annuitant receives regular payments for a specified number of years. The amount of each payment is determined by the total principal, the interest rate, and the chosen duration. This option guarantees income for a defined period, regardless of the recipient's lifespan.",
  "url": "https://mlchart.com/terminology/insurance/fixed-period-option/"
}