Joint Life And Survivorship Annuity
Annuity that continues income payments as long as one annuitant, out of two or more annuitants, remains alive. For example, a married couple would receive an income for as long as both spouses are alive. Thereafter, payments would continue as long as the surviving spouse is alive, usually for a smaller amount. This type of annuity is ideal for a husband and wife in that it guarantees the surviving spouse an income for life. Even with a life annuity certain or other type of refund annuity, it is possible for a surviving spouse to outlive the money that has been funding the annuity.
Popular Insurance Terms
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Of four SEC divisions that regulates the securities markets and the participants within these markets. ...
Amount expressed as a liability on the insurance company's balance sheet for benefits owed to policy owners. These reserves must be maintained according to strict actuarial formulas as they ...
Government agency, under the McCarran-Ferguson act (public law 15), that has no authority over insurance matters to the extent the states regulate insurance to the satisfaction of Congress. ...
Relinquishment of rights to benefits when an employee withdraws previous contributions to a plan. An employee who had not withdrawn these contributions would have been entitled to full ...
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Circumstance under which the insured maintains that, if an insurance policy covers at least two scheduled items of real or personal property, in the event of a loss applicable coverage ...
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