annuity

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annuity:

see insuranceinsurance
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.
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References in periodicals archive ?
For the average family headed by a person 62 or older, two-thirds of total income consists of some form of annuitized income-Social Security, public or private employee pensions, or annuities.
agrees, adding that the FIA's ability to offer clients a choice between principal and indexed earnings is especially relevant in light of a key market statistic: 98 percent of annuities are never annuitized.
4% and 25% of the value of the assets transferred to the trust was annuitized.
Other than housing, these households hold few assets that could be drawn down or annuitized to supplement other sources of income.
Multi-year government contracts with annuitized cash flow from support agreements in excess of $900,000, allowing for self-sustaining cash flow within a recession proof industry.
Lawmakers crafted the statutes to protect consumers from businesses that entice prize winners to take an immediate - but usually much smaller - lump sum in trade for annuitized payments.
When an annuity is annuitized, the owner losses all control over the underlying funds, has no right to make investment decisions, and gives up any rights to accelerated payments.
Under the annuity contract, the owner names the individual who will serve as the annuitant, names the individual or entity who will be the beneficiary under the contract, determines when the contract will be annuitized, and has the power to make partial withdrawals from the contract or fully surrender the contract for its cash value.
If the same fund had been annuitized, then the probability of outliving the assets would have been eliminated, and the monthly income would not have needed to be reduced.
Another factor limiting the flow of bequests across generations is the remarkable postwar increase in the degree to which the resources of the elderly are annuitized," that is, composed of income that will cease to flow once the recipient dies.
Amounts allocated to the variable investment options of an account balance are subject to market fluctuations, and when withdrawn or annuitized, may be worth more or less than their original value.
A deferred annuity provides for an initial waiting period before the contract can be annuitized (usually between one and five years), and during that period the contract's cash value generally remains liquid and available.