Flexible Premium Deferred Annuity (fpda)
Definition of "Flexible premium deferred annuity (fpda)"
Contract sold by an insurance company under which the premium payment frequency (monthly, quarterly, semiannually, yearly) may vary and the amount of each premium payment (usually subject to a minimum of $100) may vary. This contract 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. These income payments are scheduled to begin at a specified later date. 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.
Popular Insurance Terms
Coverage available under two forms for actual or attempted robbery of money, securities or other property. Under the First Form the policy covers if the robbery is committed on the premises ...
Frequency of death. ...
Written form which has precisely the same terms as the other property insurance policies covering a particular property. ...
Mutual insurance association that issues insurance to its members on a nonprofit basis. Examples of such associations include fraternal societies, unions, and employee membership groups. ...
Statement showing assets and liabilities of an individual. ...
Act that prohibits employers from discriminating against employees in employee benefit plans, regarding contributions or benefits based on race or gender. ...
Party that shares in the loss under an insurance policy or policies. ...
Detailed descriptive list made available to the survivor (s) of the insured showing: attorney, accountant, insurance agent, and location of important documents such as wills, power of ...
Marine cargo coverage for a single shipment of goods. Also known as special risk insurance and trip cargo insurance. Contrasts with open policy cargo insurance that covers all of a ...
Have a question or comment?
We're here to help.