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 Structure Settlements: Structured cash payments through an annuity system that is established to compensate injury victims for their losses. Structured settlements are the other alternative payment system to a lump sum cash settlement and are set up to provide payments to you over time.
Viatical: The sale of a life insurance policy by an individual of any age who is considered Terminally Ill or Chronically Ill to a third party in return for a percentage of the face amount of the policy.
Life Settlement: A life settlement is the sale of a life insurance policy covering a person who has a limited life expectancy -- normally 10 years or less and over 65 years of age. It is sold for a price discounted from the face amount of the policy but usually in excess of the premiums paid or current cash surrender value, provides the seller an immediate cash settlement.
Deferred Annuity: An annuity that delays income payments until the holder chooses to receive them.
Hybrid Annuity: An annuity which combines features of a fixed annuity and a variable annuity.
Immediate Payment Annuity: An annuity which is purchased with a single payment and which begins to pay out right away.
Single-life Annuity: An annuity that provides income benefits for one person only.
Joint Life Annuity: An annuity issued on two individuals under which payments continue in whole or in part until both individuals die. Also called joint and survivor annuity.
Life Annuity Annuity that continues to pay out as long as the annuitant is alive.
Single-Premium Deferred Annuity SPDA. A tax-deferred investment plan in which an individual makes a single payment to a mutual fund or insurance company. Similar to an IRA, but having no annual contribution limit.
Qualifying Annuity: An annuity which is purchased under a qualified plan and therefore receives favorable tax treatment.
Equity-Indexed Annuity An annuity whose returns are based upon the performance of an equity market index, such as the S&P 500, DJIA, or Nasdaq. The principal investment is protected from losses in the equity market, while gains add to the annuity's returns.
Preretirement Survivor Annuity An aspect of a retirement plan that allows the dependents of a vested employee to collect benefits in the event that the employee dies before reaching retirement age.
Qualified Joint and Survivor Annuity An annuity that pays out at one level for the duration of the holder's life and then another level, between 50% and 100% of the original, for the duration of the holder's spouse's life. |
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