annuity is called the (payment, distribution, accumulation)

made is called the (accumulation, payment, distribution) period

called the (buyer, contributor, annuitant) time annuities are (paid for and distributed, paid for an retirement, paid for and survivorship distribution) referred to as the (remainder, unused, survivorship)

What Are Annuities? An annuity is just the opposite of life insurance. Life insurance is the systematic accumulation of an estate that is used for protection against financial loss resulting from premature death. In contrast, annuities are a means of securing a steady cash flow during retirement. The period in which the premiums are paid toward the purchase of an annuity is called the The period when the annuity payments are made is called the paid by the individual buying the annuity (called the are the principal and interest has not been returned, it is referred to as the period period. The principal is the premium ). Interest is earned between the time annuities ,accruing tax free but paid for with after-tax dollars. If any portion of benefit Term Answer Description Single premium annuity contract The amount that is ultimately paid out to the insured varies with the investment results obtained by the insurance company This type of guaranteed-minimum annuity guarantees the purchaser a stated amount of monthly income for life in exchange for agreeing to pay a minimum number of years A. B. Installment premium annuity contract C. This annuity allows the purchaser to receive monthly benefits immediately Survivorship benefitD. This annuity states that benefit payments can be stretched for a number of years This annuity usually requires a minimum investment ($2,500 to $10,000) and is often purchased just before retirement as a way of creating a future stream of income This is the portion of principal and interest not returned before the purchaser dies Deferred annuity E. Pure life F. Life annuity, period certain G. When the purchaser dies, the contract terminates and the estate or beneficiaries do not receive a refund Annuity certain This type of annuity pays a set amount of monthly income for a specified number of years for the insured and beneficiaries. H. Fixed-rate annuity I. Often purchased by individuals, this annuity allows periodic payments made over time Variable annuity J. The insurance company safeguards the principal and agrees to a minimum interest rate over the life of the contract