Basically, someone with a terminal disease would sell his or her life insurance policy at a discount so they could have money to pay medical bills and what not and then when that individual died, the buyer would cash in the full amount of the policy. (quotacy.com)
In the case of accidental death, an additional benefit payment goes to the beneficiary; the amount of the benefit is the full amount of the policy (original amount of the loan). (ffb.com)
Immediate (again term usage varies by carriers) benefit means exactly what the term implies: Once approved the full amount of the policy is immediately in force and will be paid in its entirety should the insured die during the policy's active period. (lifeinsurancebyjeff.com)