Retirement Income Policy
Definition of "Retirement income policy"
Form of deferred annuity; a life insurance policy that usually guarantees from 120 to 180 monthly income payments to the annuitant at retirement. If the annuitant dies during the deferral (or guaranteed) period, a beneficiary receives a death payment of the face amount or the cash value, whichever is larger. During the deferred period, the policyowner can withdraw part or all of the annuity's cash value (the latter terminating the annuity).
Popular Insurance Terms
Combination of whole life and level term that provides income to a beneficiary for a selected period of time (e.g., 20 years) if an insured dies during that period. At the end of the ...
Coverage for numerous perils such as that found in the broad form personal theft insurance. ...
Chart published in 1868 by Sheppard Homans, an actuary with the Mutual Life Insurance Company of New York, based on insured lives from 1843 to 1858. Historically, it was widely used for ...
Clause in legal contracts that excuses a given party to the contract from liability for unintentional negligent acts and/or omissions. ...
Process of forming a large group of homogeneous lives that in order to allow the law of large numbers to operate, thereby projecting a probable rate of mortality or morbidity whose ...
Unsecured bond. The only protection for the lender is the credit and reputation of the borrower. The method of evaluating the quality of debentures is to analyze the earning power, overall ...
Designation of a policy's death benefit or its cash surrender value to a creditor as security for a loan. If the loan is not repaid, the creditor receives the policy proceeds up to the ...
Payments from an employee's employee benefit insurance plan that can be rolled over to an individual retirement account (IRA) or to another plan maintained by the employer that accepts ...
Layering of a bond portfolio where bonds are sold whose yield to maturity are low and bonds are bought whose yield to maturity are high in order that reserve requirements are met for future ...
Have a question or comment?
We're here to help.