OCR Text |
Show i Definition of an Annuity A common definition for an annuity annu-ity is "a periodic payment to continue con-tinue during a given status." This status usually is the duration of a single life. Annuities are not insurance, in-surance, but insurance provisions of iiTi are included. The person who receives the income from an annu-h annu-h is known as the annuitant. If n annuity is bought on two or m ire lives, the contract usually, is 'joint and survivor" annuity, itiis means that income from the annua continues as long as any of the persons covered by the contract sin vive. although the amount of the payment often decreases at the death oi one. A "joint" annuity, str.cvly speaking, is an annuity that ceases on the first death among the 'ives involved. |