%increase annuity:

Annuitant:
A person who is entitled to receive benefits from an annuity.

Annuity:
An agreement by an insurer to make periodic payments that continue during the survival of the annuitant(s) or for a specified period.

Annuity with compound benefits:

Assignee:
Individual to whom rights to a benefit are assigned.

Assignor:
Person who transfers rights under an insurance or mortgage contract.

Beneficiary:
Designation by the owner of a life insurance policy indicating to whom the proceeds are to be paid upon the insured's death or when an endowment matures

Benefit:
Monetary sum paid or payable to a recipient for which the insurance company has received the premiums.

Cash refund:
If the annuitant dies before receiving total income at least equal to the premiums paid, the beneficiary receives the difference in a lump sum. If the annuitant lives after the income paid equals the premiums paid, the insurance company continues to make income payments to the annuitant for life.

Certain Annuity:

Certain & life annuity:
Annuity guaranteeing a given number of income payments whether or not the annuitant is alive to receive them. If the annuitant is living after the guaranteed number of payments have been made, the income continues for life. If the annuitant dies within the guarantee period, the balance is paid to a beneficiary.

Claim:
Request by an insured for indemnification by an insurance company for loss incurred from an insured peril.

Claimant:
One who submits a claim for an incurred loss.

Constructive receipt:
Specific date determined by the Internal Revenue Service on which a beneficiary has received a death benefit from an insurance company, an annuitant has received an income benefit, or a retiree has received a retirement benefit.

Contingent payee:
Individual who will receive an inheritance upon the death of another. The proceeds of an insurance policy may be in the form of a lump-sum or annuity.

Deferred annuity:
Annuity that can be paid either with a single premium or a series of installments.

Education fund:
Factor considered in determining amount of life insurance to purchase in order that funds will be available to pay for a child's education expenses in the event of the premature death of the wage earner.

Employment claim:

First payment date:

General liability:
Coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the product manufactured or distributed by a business, or when someone is injured in the general operation of a business.

Guaranteed benefit:

Injured party:

Installment refund:
If the annuitant dies before receiving income at least equal to the premiums paid, a beneficiary receives the difference in installments. If the annuitant lives after the income paid equals the premiums paid, the insurance company continues to make income payments to the annuitant for life.

Internal Rate of Return (IRR):
Method used to determine the policyholder 's return on premiums paid into a life insurance policy.

Joint & survivor annuity:
Settlement choice under a life insurance policy whereby a beneficiary may elect to have the death proceeds paid in the form of a joint and survivor annuity.

Last guaranteed payment date:

Last payment date:

Life annuity:
Contract sold by insurance companies that pays a monthly (or quarterly, semiannual, or annual) income benefit for the life of a person (the annuitant), for the lives of two or more persons, or for a specified period of time.

Life expectancy:
Probability of one's living to a specific age according to a particular mortality table.

Life insurance company:
Organization that underwrites life insurance policies.

Lump sum payment:
Single payment instead of a series of installments.

Medical trust:

Non-qualified assignment:
Employee benefit plan that does not have the federal tax advantages of a qualified pension plan, in which employers receive a federal tax deduction for contributions paid into the plan on behalf of their employees.

Rated Age:

Period certain annuity:
An annuitization-method option with which the annuitant selects a specific time period for which the annuity income payments will last.

Periodic payment act of 1982:
The concept of Periodic Payment was first codified by the Periodic payment act of 1982.

Plaintiff:
Party who asserts a claim against another party in a legal proceeding.

Premium:
Rate that an insured is charged, reflecting his or her expectation of loss or risk. The insurance company will assume the risks of the insured (length of life, state of health, property damage or destruction, or liability exposure) in exchange for a premium payment.

Proposal:

Public law 97-473:
An Act to amend the Internal Revenue Code of 1954 with respect to the tax treatment of periodic payments for damages received on account of personal injury or sickness, and for other purposes.

Qualified assignment:
An assignment is “qualified assignment” if the settlement proceeds are excluded from the Income taxes under IRC §104a(2).

Reversionary trust:
Irrevocable trust that becomes a revocable trust after a specified period of time or upon the death of the grantor.

Section 104(a)(1):

Section 104(a)(2):

Section 130:

Settlement agreement:
A contractual resolution to a disagreement between two parties without going to court.

Step Annuity:

Structured Settlement:
Agreement to pay a designated person a specified sum of money in periodic payments, usually for his or her lifetime, instead of in a single lump sum payment.

Trust:
Legal entity that provides for ownership of property by one person for the benefit of another.