Definitions for "Annuities"
Keywords:  lump, deferred, unlike, scotiabank, lif
Contracts that guarantee income, often for an individual's lifetime, in exchange for a lump sum or periodic payment. Annuity contracts have a number of standard variants, including deferred, fixed, immediate, or variable.
Series of payments of a fixed amount for a specified number of years.
Annuities are contracts sold by life insurance companies. In their simplest form, one pays a sum of money (either a lump sum or a series of payments) and the insurance company makes periodic payments to the policy holder, beginning on the date contracted and continuing for the rest of the insured's life. Unlike mutual funds or unit trusts, variable annuities have insurance provisions and guarantees to preserve the value of the principal paid into the annuity. They also generally carry higher fees than mutual funds.
The amount an insurer will pay the contract holder if the contract is surrendered. The net surrender value is usually equal to the cash value less any withdrawal charges, premium taxes, and annual contract charges.
A contract, sold by insurance companies, that is designed to provide payments to the holder at specified intervals, usually after retirement.
Keywords:  pensions, see
See Pensions
Periodic payments made over a period of time or the "systematic liquidation of an estate".
A series of payments made or received at regular intervals.