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What is an 'Advance Payment'. An advance payment is a type of payment that is made ahead of its normal schedule, such as paying for a good or service before you actually receive the good or service.
Medical Definition of advance directive. : a legal document (as a living will) signed by a living competent person in order to provide guidance for medical and health-care decisions (as the termination of life support and organ donation) in the event that the person becomes incompetent to make such decisions.