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"single premium policy" vs "one premium policy"

Both phrases are correct, but they are used in different contexts. 'Single premium policy' is a common term in insurance to refer to a policy that is paid for with a single lump sum premium. On the other hand, 'one premium policy' is not commonly used and may cause confusion. Therefore, 'single premium policy' is the more appropriate and widely recognized term.

Last Updated: April 01, 2024

single premium policy

This phrase is correct and commonly used in the insurance industry to refer to a policy that is paid for with a single lump sum premium.

This term is used in the insurance industry to describe a policy that requires only one premium payment, usually upfront.

Examples:

  • She purchased a single premium policy for her life insurance coverage.
  • The company offers a single premium policy for its health insurance plan.

Alternatives:

  • one-time premium policy
  • lump sum premium policy
  • one-off premium policy
  • single payment policy
  • one-time payment policy

one premium policy

This phrase is not commonly used and may cause confusion. It is better to use 'single premium policy' to avoid ambiguity.

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