Definition - What does Flat Amount mean?
Flat amount refers to a fee for a product or a service that is not changeable. In terms of insurance, it could either be the fixed price of the premium or the fixed benefit.
Insuranceopedia explains Flat Amount
It is advised that a person who wants to purchase a policy must be guided thoroughly by the representative of an insurance company or an insurance agent in the spirit of due care. While an insurance illustration guide can offer comprehensive information and offers exact figures involving payment and benefits, one might find the information contained in it too overwhelming, especially for someone who is not very literate with insurance terms. Flat rates and figures appear in there, but they might be affected by several factors such as deductibles, copayments, and future market.