Payout Phase
Definition of "Payout phase"
Period when the accumulated assets in an annuity are returned to the annuitant. An annuity may be purchased either with a single payment or with many payments over the life of the contract. At some point, usually upon retirement, the annuitant elects to have the payments, plus earnings, returned. The 1982 Federal Tax Code declared that any money received during the payout phase is considered earnings first and is taxable.
Popular Insurance Terms
Same as term Excess of Loss reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
List of the values of specific medical procedures in comparison with other medical procedures. ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
Coverage in the event that, while practicing the profession of druggist, an act or omission is committed resulting in bodily injury, personal injury, and/or property damage to a customer. ...
Report showing sources of income and expenses of an individual. ...
Coverage for fire and explosion, against fire and any damage caused by explosion whether or not fire ensues, and whether or not an explosion occurs on- or off-board; sinking from floating ...
Payments due to an insurance company but not yet paid. ...
Payment under a state-sponsored program for victims of crimes. ...
Provision commonly found in fire insurance contracts. If the insured knows that a hazard is increased, most property contracts permit the insurance company to suspend or terminate coverage. ...
Have a question or comment?
We're here to help.