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- Annuitant
- The annuitant's lifetime is used as the measuring period to determine how long benefits are paid. The contract owner and the annuitant are often the same person.
- Beneficiary
- The party designated to receive the death benefit upon the death of the contract owner. The contract owner designates the beneficiary.
- Contract owner
- A person or entity such as a trust, who owns the contract, pays the premium and is entitled to
- ownership rights stated in the contract.
- Flexible premium
- A contract in which the owner pays a series of premiums over a period of time. Flexible premium deferred annuities also are known as FPDAs.
- Insurer
- The insurance company that issues the contract.
- Immediate
- A contract in which a single lump sum premium is paid to the insurance company in return for a series of systematic payments beginning within a short period of time.
- Single premium
- A contract in which the owner pays a single premium payment. Single premium immediate annuities and single premium deferred annuities are also known as SPIAs and SPDAs, respectively.
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