"Benefit payout" refers to the amount of money or other advantages that a person or organization receives as a result of a specific program or agreement. Full definition
You can choose between two death benefit payout options, immediate payout and recurring payout. (policybazaar.com)
The lump sum benefit payout option requires a longer elimination period, usually 365 days before disability income benefits are paid. (keypersoninsurance.com)
Generally, the death benefit payout for life insurance is not taxable to the recipient beneficiary, whether a person or an organization. (insuranceandestates.com)