annuitant
annuitant ([schwa]-n[y]oo-[schwa]-t[schwa]nt), n. A beneficiary of an annuity. [Cases: Annuities 1. C.J.S. Annuities §§ 2–4, 6–9, 21.]
Search Results for: ANNUITANT
joint annuity
An annuity payable to two annuitants until one of them dies, at which time the annuity terminates for the survivor (unless the annuity also provides for survivorship rights). See survivorship annuity.
life annuity
An annuity payable only during the annuitant’s lifetime, even if the annuitant dies prematurely.
life income period certain annuity
An annuity that pays a specified number of payments even if the annuitant dies before the minimum amount has been paid.
life income period certain annuity Read More »
refund annuity
An annuity that, upon the annuitant’s death, pays to the annuitant’s estate the difference between the purchase price and the total payments received during the annuitant’s lifetime.
cesser
cesser (ses-[schwa]r). 1. Hist. A tenant whose failure to pay rent or perform prescribed services gives the landowner the right to recover possession of the land. — Also spelled cessor; cessure. 2. The termination of a right or interest. “A proviso of cesser is usually annexed to long terms, raised by mortgage, marriage settlement, or
annuity insurance
An agreement to pay the insured (or annuitant) for a stated period or for life. [Cases: Annuities 1. C.J.S. Annuities §§ 2–4, 6–9, 21.]
deferred annuity
An annuity that begins making payments on a specified date if the annuitant is alive at that time. — Also termed deferred-payment annuity. Cf. immediate annuity.
annuity certain
An annuity payable over a specified period, regardless of whether the annuitant dies. — Also termed term annuity.