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Tom Cochrane

12
Jun

Annuity Date

Definition The annuity date is the contractually specified date on which a deferred annuity is scheduled to begin making income
2 min read
12
Jun

Distribution Phase

Definition The distribution phase is the period of an annuity contract during which the contract pays income to the contract
2 min read
12
Jun

Bailout Provision

Definition A bailout provision is a contractual feature of certain deferred annuities — most commonly fixed indexed annuities and fixed annuities
2 min read
12
Jun

Premium Bonus

Definition A premium bonus is an amount credited by the carrier to a deferred annuity contract at issue or on
2 min read
12
Jun

Contract Anniversary

Definition The contract anniversary is the annual recurring date corresponding to the contract issue date, used in deferred annuity contracts
1 min read
12
Jun

Nonforfeiture Benefit

Definition The nonforfeiture benefit is the contractually guaranteed minimum value that a contract owner can recover from a deferred annuity,
2 min read
12
Jun

Market Value Adjustment

Definition A market value adjustment is a contractual adjustment applied to the amount payable on a withdrawal or surrender from
2 min read
12
Jun

Surrender Period

Definition The surrender period is the defined number of years following the issue of a deferred annuity contract during which
2 min read
12
Jun

Buffer

Definition A buffer, in the registered index-linked annuity context, is a contractually defined amount of negative index return that
2 min read
12
Jun

Volatility-Controlled Index

Definition A volatility-controlled index is a constructed index, typically built by a carrier in partnership with an index provider,
2 min read
12
Jun

Index Crediting Strategy

Definition An index crediting strategy is the complete specification of how an indexed annuity calculates the credit for a crediting
2 min read
12
Jun

Fixed Account

Definition A fixed account is the component of an annuity contract that credits a declared interest rate, supported by the
2 min read
12
Jun

Declared Rate

Definition A declared rate is the interest rate that an insurer specifies will be credited to a fixed annuity contract
2 min read
12
Jun

Daily Average

Definition Daily averaging is an indexed annuity calculation method that takes the daily closing values of an underlying index across
2 min read
12
Jun

Monthly Sum Crediting

Definition Monthly sum crediting is an indexed annuity calculation method that measures the index's percentage change in each
2 min read