A single payment made at a particular time, as opposed to a number of smaller payments or installments.
- When he dies, his wife is usually guaranteed a lump sum or payment of income for five years only.
- At the end of the term, a pre-agreed single lump sum payment is made by the borrower to clear the debt.
- It stated that the funds were to be used to secure the Retirement Benefits which were an annuity and a lump sum payment.
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