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annuity |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.06 sec. |
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annuity: see insurance insurance or assurance, device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums. ..... Click the link for more information. . annuityPayment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. Under an annuity certain, a specified number of payments are made, after which the annuity stops. With a contingent annuity, each payment depends on the continuance of a given status; for example, a life annuity continues only as long as the recipient survives. Contingent annuities such as pension plans or life insurance depend on shared risk. Everyone pays in a fixed amount until the annuity begins; some will not live long enough to receive back all the money they have paid, while others will live long enough to collect more than they have paid. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Elam observed that people are increasingly turning to annuities for income, and much of that is going on without having to annuitize. 55% * Be based on the higher of actual account values at the date the policy owner elects to annuitize or a contractually specified amount. The premium pension system allows Swedes to keep their funds in their PPM-sponsored portfolios rather than annuitize upon retirement. |
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