Immediate Variable Annuity Contract
Definition of "Immediate variable annuity contract"
A contract sold by insurance companies that is bought by means of a single lump sum payment usually providing a monthly income payment for the annuitant's life. The amount of the monthly income payment varies according to the performance of the underlying portfolio of investments. A stipulated rate of return (assumed interest rate/assumed investment return) is assumed when the insurer calculates the initial income payment to the annuitant. If the underlying portfolio produces a net return greater than or less than the stipulated rate of return, the income payments will rise or decline accordingly.
Popular Insurance Terms
Annuity that provides income payments for a number of years provided the annuitant is alive to receive them. All income payments cease upon the death of the annuitant. ...
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Size of the losses used as a factor in calculating premium rates. For example, the U.S. Bureau of Labor Statistics studies the number of days lost by injured employees per million ...
Coverage that can be converted into permanent insurance regardless of an insured's physical condition and without a medical examination. The individual cannot be denied coverage or charged ...
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Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
Same as term Bankers Blanket Bond: coverage for a bank in the event of loss due to dishonest acts of its employees or individuals external to the bank. For example, if a teller goes to ...
Largest property and casualty insurance company trade association in the world (international membership)whose objectives include the service of its membership through positive legislation ...
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