Define "accelerated death benefit."

An accelerated death benefit is a provision in some life insurance policies that allows the insured to receive a portion of the death benefit while still alive, typically under specific circumstances such as a terminal illness or severe medical condition. This feature provides financial support during challenging times, enabling the policyholder to cover medical expenses or other costs associated with their illness. The amount paid out can be deducted from the total death benefit, which means that the beneficiaries will receive the remaining amount upon the policyholder's passing. This concept emphasizes the focus on providing immediate assistance as opposed to waiting for the policyholder's death to access the funds.

Regarding the other options, a full payment of the death benefit is not applicable until death occurs, which is different from the concept of an accelerated benefit. The guarantee of premium stability does not relate to the timing of benefit payments, and payments at retirement age do not describe any provision tied to life insurance benefits, particularly those designed to assist policyholders during their lifetime.