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1. True or2. False.
There may be dispute on various counts in a payment. After mutual agreement, a mutually agreed figure may be agreed taking into account various factors. That single payment which will be a final discharge can be a lump sum payment.
In life insurance policy coverage for medical expenses for critical diseases, in case of incurrence of the covered critical disease, a one time payment is made immaterial of the actual expenses. That one time payment is called lump sum payment.
True : A one-time payment for the total or partial value of an asset. A lump-sum payment is usually taken in lieu of recurring payments that would otherwise be received over a period of time. The value of a lump-sum payment is generally less than the sum of all payments that the party would otherwise receive, since the party paying the lump-sum payment is being asked to provide more funds up front than it otherwise would have been required to.