annuity contract
51charitable gift annuity — A contract with a charity under which someone transfers assets to the charity in return for a promise to receive fixed payments for life (or, commonly, for the life of the donor and the donor s spouse). The donor can take an income tax deduction… …
52Whole Life Annuity — A financial product sold by insurance companies that pays monthly, quarterly, semiannual or annual payments to a person for as long as he or she lives. Annuities are usually purchased by investors who want to secure some type of income stream… …
53certain annuity — terminable annuity A form of investment contract that pays fixed sums at scheduled intervals to an individual after he or she attains a specified age; it runs for a specified number of years …
54group annuity — Type of pension plan for employees under a master plan or contract in which employer each year buys a deferred annuity for each qualified employee. The individual members of the group hold certificates as evidence of their coverage …
55group annuity — Type of pension plan for employees under a master plan or contract in which employer each year buys a deferred annuity for each qualified employee. The individual members of the group hold certificates as evidence of their coverage …
56refund annuity — An annuity under a contract which provides that upon the death of the annuitant prior to receiving the entire principal in periodical annuities, the balance remaining shall be paid to the estate of the annuitant or designated beneficiary. 4 Am… …
57group annuity — noun : a pension plan providing annuities at retirement for all eligible persons under a single master contract usually issued to an employer for the benefit of employees * * * Insurance. a plan in which the members of a group, usually employees… …
58Fixed 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. A fairly good… …
59Modified Endowment Contract - MEC — If the cumulative premium payments exceed certain amounts specified under the Internal Revenue Code, the life insurance policy will become a Modified Endowment Contract (MEC). Taxation under a MEC is similar to taxation under an annuity. Under a… …
60group annuity — A contract providing annuities for the members of a defined group of persons, usually the employees of a business or industry, or of such part of them as desire to participate and are eligible under the arrangement or plan provided, the… …
