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
Same as term Fair access to Insurance Requirements: insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances ...
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Form of state rating legislation that allows each property/liability insurer to choose between using rates set by a bureau or its own rates. Individual states regulate insurers and approve ...
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