Life Annuity Certain
Annuity guaranteeing a given number of income payments whether or not the annuitant is alive to receive them. If the annuitant is living after the guaranteed number of payments have been made, the income continues for life. If the annuitant dies within the guarantee period, the balance is paid to a beneficiary. For example, under one common contract, a life annuity certain for 10 years, income payments are guaranteed for a minimum of 10 years. If the annuitant dies after receiving two years of payments, the beneficiary would receive the remaining eight years of income. An annuitant who lives out the 10 years would receive income payments for life, but there would be none available to a beneficiary.
Popular Insurance Terms
Reckless action without regard to life, limb, and/or property; for example, driving 100 miles per hour on a road or highway. ...
Syndicate or association of insurance companies or reinsurance companies organized to underwrite a particular risk, usually with high limits of exposure. Each member shares in premiums, ...
Coverage for the owner of a business. When a proprietor dies, debts of the business become the debts of the estate since in this circumstance the law recognizes business and personal assets ...
Fee charged to a policyowner when a life insurance policy or annuity is surrendered for its cash value. This fee reflects insurance company expenses incurred by placing the policy on its ...
Individual appointed by the insurance company as an independent contractor. The agent receives various expense allowances for office-associated expenses and direct commissions on products ...
Tort of wrongful physical confinement of an individual. This is not restricted to physical confinement but includes any unjustified limitation of another's freedom of movement. If an ...
Type of flexible spending account. ...
Coverage for loss in the gross earnings of the business (minus expenses that cease while the business is inoperative) as the result of the interruption of normal business activities caused ...
Condition surrounding a work environment that increases the probability of death, disability, or illness to a worker. This class of hazard is considered when writing workers COMPENSATION ...
Have a question or comment?
We're here to help.