Certificate Of Annuity (coa)
Definition of "Certificate of annuity (coa)"
Same as term Annuity: contract sold by insurance companies that pays a monthly (or quarterly, semiannual, or annual) income benefit for the life of a person (the annuitant), for the lives of two or more persons, or for a specified period of time. The annuitant can never outlive the income from the annuity. While the basic purpose of life insurance is to provide an income for a beneficiary at the death of the insured, the annuity is intended to provide an income for life for the annuitant. There are variations in both the way that payments are made by a buyer during the accumulation period, and in the way payments are made to the annuitant during the liquidation period. An annuity may be bought by means of installments, with benefits scheduled to begin at a specified age such as 65; or, it may be bought by means of a single lump sum, with benefits scheduled to begin immediately or at a later date. No physical examination is required.
Popular Insurance Terms
Coverage in the event that property is damaged or destroyed so that an insured cannot use the property for its intended purpose. For example, loss of use of a drill press because of ...
Section of the code that qualifies that the death benefit paid under a life insurance policy is received by the beneficiary income-tax free. These tax consequences apply regardless of the ...
Same as term Date of Issue: date when an insurance company issues a policy. This date may be different from the date the insurance becomes effective. ...
Aggregate of face amount of coverage paid up, or on which premiums are still being paid, as issued by a life insurance company. This is one measure used to rank life insurance companies by ...
Provision in health insurance under which an insured disabled person is required to undertake (and is reimbursed for) expenses associated with vocational rehabilitation for retraining to ...
Condition in which buildings are built with sealed windows resulting in poor ventilation causing occupants to experience dizziness, nausea, respiratory problems, headaches, fatigue, sinus ...
Single policy under which one individual is insured. ...
Kindling intentionally set in a fireplace, stove, furnace, or other containment that has not spread beyond it. Property insurance does not protect against damage from a friendly fire. For ...
Assets from a will transfer into an established life insurance trust. Through this mechanism, assets that have been probated are transferred into a living trust. ...
Have a question or comment?
We're here to help.