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
Coverage for bodily injury and property damage liability excluded under standard ocean marine insurance. Coverage includes protection of wharfs, docks, and harbors; bodily injury; cost of ...
Payment of benefits by an insurance policy to a policy owner (usually the insured) if a loss occurs. ...
Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...
laws enacted by all of the 50 states whose purpose it is to reduce or eliminate the volunteer's civil liability exposure. An ideal law would exclude the volunteer from civil liability ...
Camera and related equipment coverage found in inland marine insurance. ...
Professional designation earned after the successful completion of four national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as insurance ...
recipient. insurance company that receives a premium payment from a payer. insured or beneficiary who receives a loss or benefit payment from an insurer. ...
Insurance contract that cannot be cancelled by the insurance company. Since the insurance policy is a UNILATERAL CONTRACT instead of a BILATERAL CONTRACT, the INSURED may cancel at will. ...
Plan under which life insurance is substituted for retirement income. Under the plan, a married individual selects a single life annuity payout from the pension plan, which will generate ...
Have a question or comment?
We're here to help.