Single Premium

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Single Premium

A lump sum used to purchase an annuity, insurance policy, or similar instrument. A single premium is expensive, but it causes less strain on one's monthly budget as it does not require one to make recurring payments. See also: Single Premium Immediate Annuity, Single Premium Deferred Annuity.
References in periodicals archive ?
New business sales, which are worked out using the industry measure of all regular premiums and 10% of single premiums, were up 46% to pounds 1.
Limra International, the industry's research and marketing association, only counts 10% of single premiums toward total first-year premiums because recurring premium products are about 10 times as profitable, Kehrer said.
Weighted premium is 10% of single premium plus 100% of first-year recurring premium.
They can add subsequent single premiums in future years.
A series of single premiums has greater flexibility, lower initial charges and the ability to pay up to the maximum allowed when you know your income for each tax year.
Net premium volume for LLRC has fluctuated significantly in the past year, following the addition of two large transactions in 2000 related to the assumption of inforce single premiums deferred annuity reserves amounting to $390 million from London Life International Reinsurance Corp.
Other offsetting factors include the company's heavy reliance on single premiums and on pension business, which is becoming increasingly competitive.
The Pru's worldwide regular premium income fell by three per cent to pounds 124million, though single premiums gained eight per cent to pounds 1.
The company said single premiums rose by 28 per cent in 1997 to pounds 1.
Excluding the impact of a strong pound, underlying growth at the Prudential was 22 per cent for single premiums and 11 per cent for regular premiums.
Life and general insurer Sun Life & Provincial yesterday reported 33 per cent growth in single premium new business to pounds 3.
Premiums taken for single premium life policies jumped to pounds 49.

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