Meaning of the word payout in English

What does payout mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

payout

US /ˈpeɪ.aʊt/
UK /ˈpeɪ.aʊt/

Noun

a sum of money paid to someone, especially as a benefit or compensation

Example:
The insurance company made a large payout after the accident.
He received a significant payout when he retired.