What term describes an annuity payment that is made as a single lump sum?

The term that describes an annuity payment made as a single lump sum is "single premium payment." In the context of annuities, this type of payment allows the purchaser to invest a one-time sum of money, which then grows over time and can be distributed as periodic payments later, typically during retirement. This approach is often attractive because it simplifies the investment process by requiring only one initial investment rather than multiple payments over time.

"Level premium payment" refers to insurance policies where premium amounts remain constant over the life of the policy. "Flexible premium payment" describes policies that allow the policyholder to vary the amount and timing of premium payments based on their financial circumstances. A "family policy" generally covers multiple family members in a single contract but does not directly relate to the manner in which premium payments are made. Thus, these other terms do not accurately describe the concept of a single lump sum payment for an annuity.