Survivorship Annuity
Definition of "Survivorship annuity"
Agreement under which an annuitant receives a predetermined monthly income benefit for life upon the death of the insured. Should the annuitant predecease the insured, the contract is terminated and no benefits are ever paid. The life expectancy of both the insured and annuitant must be taken into consideration in determining the premium, and such, the annuitant cannot be changed once selected. This is also called a revisionary annuity (a life insurance policy combined with an annuity agreement).
Popular Insurance Terms
Term that describes commercial insurance with no administrative services attached, or alternatively, administrative services from an insurer without insurance coverage. Years ago, insureds ...
Life insurance policy given by a donor to a charity; donor only relinquishes the cash value and the cost of the premiums previously paid. The receiving charity's future value of the life ...
Coverage on a single shipment of property while in temporary storage or in transit. This policy is most commonly used in moving of household goods, which are covered from the time they are ...
Insurance policy under which premiums are past due but the grace period has not expired. ...
Pension plan that allows an employee to contribute by electing to have money deducted from each paycheck. Some qualified plans such as 401 (k) allow employees to contribute pre-tax dollars, ...
Insurance policy sold by nonadmitted insurer. ...
Case where an insurance company is placed by the state court under the control of the state insurance department. Claims are paid in the order filed until the insurance company's ability to ...
Immediate annuity under which one premium payment is made and the annuity is paid up (no further premium payments are required). ...
Property, liability, or health coverage above the primary amount of insurance. For example, the primary coverage is $100,000 and the excess insurance is $1 million. After the losses exceed ...
Have a question or comment?
We're here to help.