Definitions for "Single Premium Policy"
Keywords:  lump, premium, sum, inception, policy
With life insurance and annuities, a contract in which the entire premium is paid in a lump sum at the beginning of the contract period. No additional premiums are required.
This is a life insurance policy that has only one payment of the lump sum
One in which the total premium is made in a lump sum; a one-time payment. p 98