settlement-option

Vocabulary Word

Definition

'Settlement-option' usually involves a choice offered to someone for resolving or finalizing an agreement or a situation. It's usually an option given during financial transactions.

Examples in Different Contexts

In insurance, 'settlement option' refers to the choices a policyholder has for receiving benefits, such as lump-sum payments or annuities. An insurance broker might detail, 'You can choose a settlement option that provides a steady income stream or a one-time payment.'

Practice Scenarios

Finance

Scenario:

The policyholder is deciding how to receive the benefits. We need to provide our recommendations taking into account her financial condition.

Response:

I agree. Let's discuss the best settlement option that will suit the policyholder's financial situation.

Legal

Scenario:

Our goal is to resolve this matter without going to court. A rational approach can save both time and money.

Response:

Absolutely. A settlement option will allow us to avoid a protracted court battle and find a quick resolution.