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  • noun

Words related to annuitant

the recipient of an annuity

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The application and the annuity contract named Soori as the annuitant, and as such he had the right to access the Fidelity account and liquidate the annuity for its surrender value when he turned 19 in 2002.
If an annuitant dies before having recovered the full amount guaranteed under a refund or period-certain life annuity, the balance of the guaranteed amount is not taxable income to the refund beneficiary--until the total amount received tax-free by the annuitant plus the total amount received tax-free by the beneficiary equals the investment in the contract.
Annuities have proven to be an unpopular investment; nominal annuities have historically been better value than index-linked annuities, but only the latter can offer a stable consumption path for the remaining lifetime of an annuitant. One possible reason for poor value is that the risks associated with uncertain mortality rates are particularly pronounced with index-linked annuities.
Rockville, MD, August 02, 2014 --( Secure Horizon Settlements, LLC (SHS), a forward-looking and trustworthy financial services company, recently upgraded their funding process to better accommodate annuitants looking to convert their settlement payment into an immediate lump sum of cash.
In fact, the expenses do not change that much once the annuitant member dies.
Single Life Annuity for life with return of purchase price (ROP) payable on death - A fixed amount, guaranteed at the policy inception, will be paid to the annuitant throughout his life.
With life expectancies increasing it is quite conceivable that a 65-year-old annuitant could be in receipt of annuity income for as long as thirty years.
An immediate annuity is a contract between the annuitant and an insurance company.
In many ways, this was the challenge facing the Defense Finance and Accounting Service (DFAS) when the decision was made to bring its Retired and Annuitant Pay Operations (R&A) function back in-house and undertake the largest insourcing effort in the history of the Department of Defense.
(1) If the death benefit is payable to annuitant's estate, its value is includable in his gross estate, under IRC Section 2033, as a property interest owned by him at the time of his death.
For the annuitant who lives to retirement, the annuity can provide a guaranteed income for life.
(The annuity contract owner has essentially the same ownership rights as the owner of a life insurance contract.) Under the annuity contract, the owner names the individual who will serve as the annuitant, names the individual or entity who will be the beneficiary under the contract, determines when the contract will be annuitized, and has the power to make partial withdrawals from the contract or fully surrender the contract for its cash value.
The contract pays the first annuitant an income for life.