lump sum

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1. A sum of money paid all at once, rather than in instalments.

2. A sum of money paid for freight, irrespective of the size of the cargo.

3. An insurance benefit, such as a sum of money paid on retirement or redundancy or to the beneficiaries on the death of an insured person. Retirement pensions can consist of a lump sum plus a reduced pension.

4. A form of damages; a lump-sum award is given in tort cases.

Subjects: Business and Management — Law.

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