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Tom Cochrane

13
Jun

Longevity Risk Transfer

Definition Risk transfer is the mechanism by which longevity risk is shifted from the individual to a counterparty in exchange
3 min read
13
Jun

Guarantee Charge

Definition Guarantee charge is the cost-structure value that applies to lifetime income arrangements where the insurer's cost
3 min read
13
Jun

Crediting Parameter Drag

Definition Crediting parameter drag, in the cost-structure sense, is the cost-structure value that applies to lifetime income arrangements
3 min read
13
Jun

Claim Profile

Definition A claim profile is the four-property characterization of a specific lifetime income arrangement — recording its risk sharing, adjustment
2 min read
13
Jun

Claim Framework

Definition The claim framework is the structural vocabulary of the Longevity Standard analytical system, consisting of four properties — risk sharing,
2 min read
13
Jun

Claim

Definition A claim is an arrangement that delivers periodic income through a defined structure, characterized through four structural properties — risk
2 min read
13
Jun

Planning Horizon Risk

Definition Planning horizon risk is the risk that an individual using solo drawdown selects a chosen planning age and outlives
2 min read
13
Jun

Beneficiary Designation

Definition A beneficiary designation is the contract owner's specification of who receives the death benefit proceeds of an
2 min read
13
Jun

Assignment

Definition Assignment of an annuity contract is the transfer of contractual rights from the contract owner to another party, used
2 min read
13
Jun

Policy Loan

Definition A policy loan is a borrowing transaction in which the contract owner borrows against the cash value of an
2 min read
13
Jun

Persistency

Definition Persistency is the rate at which annuity contracts remain in force over a defined period rather than lapsing, typically
2 min read
13
Jun

Lapse

Definition Lapse is the termination of an annuity contract by the contract owner, typically through surrender or — in the case
2 min read
13
Jun

Cash Value

Definition The cash value of an annuity contract is the accumulated value held in the contract at a given point
2 min read
13
Jun

Surrender Value

Definition The surrender value of an annuity contract is the amount the contract owner receives upon surrendering the contract before
2 min read
13
Jun

Replacements and Exchanges

Definition Replacements and exchanges are the regulatory category covering transactions in which an existing annuity or life insurance contract is
2 min read