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
Termination of life. A death certificate is required by a life insurance company for a beneficiary to receive the death payment. ...
Intentional damage or destruction of another person or business's property. Insurance can be purchased by the owner of the property to protect against this exposure. ...
Insurance company formed according to the legal requirements of a foreign country. In order for an alien insurer to be able to carry on general operations and sell its products in a ...
Actual amount of total losses paid by an insurance company during a specified time interval. ...
Life insurance policy in which the cash value and in some circumstances the death benefit will vary according to the investment performance of an underlying portfolio usually comprised of ...
Sum of money paid on the principal amount of money invested or loaned. ...
A form of assessment insurance for which a regular premium is charged. In addition to paying the regular stipulated premium, an insured and other members of a mutual assessment company may ...
Statistical term indicating the central value of a frequency distribution, such that smaller and greater values than this central value occur at an equal rate. For example, given the ...
Agreement in which the insurer promises to renew the policy provided certain conditions have been met by the insured. ...
Have a question or comment?
We're here to help.