annuity

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Related to annuitizing: Single life annuity

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 ?
As a result the bonus for putting their 100,000 [pounds sterling] of capital at risk for a year is now 8,000 [pounds sterling] and the extra income generated around 1,000 [pounds sterling] per annum or some 50 times the amount secured through annuitizing at age 60.
As a result the value of annuitizing is now some 150 times the value at age 60.
This is, of course, what is wanted, since the small mortality cross-subsidy for annuitizing in the early years makes retaining a lump sum death benefit the desired option for most pensioners.
First, under what conditions are individuals, particularly those in high-mortality risk groups, made better off by annuitizing at a uniform price?
j] for the annuitizing population, we can construct the annuity payments available in a uniform price system.
The level of lifetime income that GRIP II guarantees may be less than the level that would be provided by annuitizing the contract value.