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LeoGlossary: Supplementary Contract (Insurance)
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An agreement between a life insurance company and a policyholder or beneficiary in which the policy’s proceeds are paid over a period of time instead of as a lump sum. For example, a beneficiary may decide that he wants to be paid $1,000 a month by the life insurance company. The insurance company could then set up a supplementary contract with the beneficiary reflecting this payout method.
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