Liquidation Period
Time frame during which an annuitant receives income payments from the insurance company, usually on a monthly basis. The obligations of the company to the annuitant during the liquidation period depend on whether it is a pure or refund annuity. For the pure annuity, all payments cease upon the death of the annuitant. For the refund annuity, a beneficiary is usually entitled to payments upon the death of the annuitant.
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