• The named individual who is entitled to receive annuity payments for life under a life annuity.
• Is the party receiving annuity payments.
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| ||Referenced Terms|
| ||Annuity: Fixed number of identical cash flows that start one period from today. Typically, annuity products are used to provide income in retirement.Is an insurance product which comes in two basic forms: fixed and variable. The fixed version can make a lump sum or periodic lifetime payments to the Annuitant. The variable version has a separate account attached to the annuity contract. This type of contract is considered a security because it is dependent on equities and its total value is subject to fluctuate due to market risk. There are many annuity varieties. Some are: Annuity Certain, Annuity Due, Deferred Annuity, Fixed Annuity, Life Annuity, Ordinary Annuity, Perpetuity, and Variable Annuity. Also, see Interest Impact on Present Value of Ordinary Annuity of 1 Per Period.A regular periodic payment made by an insurance company to a policyholder for a specified period of time.A finite stream of equal and periodic (regular) cash flows. These cash flows can be inflows of returns earned on investments or outflows of funds invested to earn future returns.(1) A series of periodic payments. (2) A contract under which an insurance company promises to make a series of regular payments to a named individual for life.|
| ||Death benefit: The amount payable to a beneficiary at the death of the Annuitant or insured (sometimes referred to as the survivor benefit).|
| ||Fixed annuity: An annuity under which the insurer guarantees to pay at least a specified monthly benefit amount for each dollar applied to purchase the annuity. Also called fixed benefit annuity.An insurance contract in which the insurance company makes fixed dollar payments to the Annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both Earnings and Principal. See also: Variable Annuity; Fixed Dollar Annuity; Guaranteed Dollar Annuity.|
| ||Joint annuitant: The Annuitant s spouse or other individual named to receive survivor annuity payments after the death of the annuitant.|
| ||Life annuity: A series of payments that are made at regular intervals as long as a named individual, the Annuitant, is then alive. Also known as a straight life annuity.|
| ||Related Terms|
| ||Joint annuitant|
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