Payout Phase
Definition of "Payout phase"
Period when the accumulated assets in an annuity are returned to the annuitant. An annuity may be purchased either with a single payment or with many payments over the life of the contract. At some point, usually upon retirement, the annuitant elects to have the payments, plus earnings, returned. The 1982 Federal Tax Code declared that any money received during the payout phase is considered earnings first and is taxable.
Popular Insurance Terms
Classification at death of all pension plans, profit-sharing plans, individual retirement accounts (IRAS), annuities, and installment payments to the extent to which the deceased was ...
Clause in some current ASSUMPTION WHOLE LIFE INSURANCE policies Such as UNIVERSAL LIFE insurance that allows unscheduled premiums to be paid at any time prior to the policy's maturity date, ...
Table used by the Internal Revenue Service (IRS) in evaluating split dollar life insurance plans as to the extent of the economic benefit that is considered taxable ordinary income to the ...
Management of premium inflow and benefit outflow. ...
Policy providing businesses with coverage for negligence based civil liability in: (1) Bodily injury and property damage liability, on an occurrence basis, resulting from the ownership, ...
Amount of insurance remaining on a ceding company's books, net of the amount reinsured. ...
Life insurance contract that combines TERM LIFE INSURANCE with WHOLE LIFE INSURANCE. The term portion of the contract expires after a stipulated time period. If the insured dies during this ...
Two basic kinds of policies sold by health insurance companies: medigap insurance (medicare supplementary insurance); and medicare wraparound ...
Model state law of the NAIC that stipulates that the prospective purchaser of a dread disease insurance policy (catastrophic illness insurance policy) must be provided a quantitative ...
Have a question or comment?
We're here to help.