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3 Cards in this Set
- Front
- Back
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Concept of annuity |
Annuities are used primary to provide a steady stream of income to an individual typically upon retirement in theory and is designed to protect against out living at individual retirement income by providing a lifetime income. one of the primary functions of annuity is to liquidate a estate or to pay benefits until the death of the annuitant direct comparison to life insurance can be referred to as opposite of a life insurance policy. annuities are funded sold through life insurance companies and require at least a life license to sell |
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Control of the contract |
the owner who controls the contract is responsible for making payments into the contract as well as having all of the contractual rights in the policy is the owner |
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Annuitant |
The individual who life contract is based upon. Upon a lifetime annuitization payments will be made to the annuit based upon the annuit age gender settlement option selected and dollar amount used to fund the income benefit payments |
