The person entitled to receive annuity payments or who now receives them.
The contract between the owner and the life insurance company to provide payments to claimants.
Annuity designed to make payments for the life of the annuitant with specific number of years guaranteed, regardless of life or death. Payments may be made periodically such as monthly or annually. Payments may also be made immediately or deferred, i.e. beginning on a birthdate or to start a new year, $2000 per month for 15 years certain and life.
Annuity designed to make payments for guaranteed period of time. Payments may be made periodically such as weekly, monthly or annually. Payments may also be made immediately or deferred, i.e. to start 01/01/2025, $1,000 per month for 10 years certain. Also known as period certain.
Annuity that increases at a fixed percentage computed on previous year’s payments. Frequently expressed as an addition to an annuity, i.e. with 3% compounding annually.
A named person (heir), a person(s), estate, or financial instrument (for example, a trust fund), named in the policy as the recipient of the guaranteed payments in the event of the policyholders death. Also known as contingent payee.
An amount payable from an annuity by the insurance company or the self-insured entity to a claimant or beneficiary.
Lifetime annuity with guaranteed benefit equal to the premium amount. Commonly used for Workers’ Compensation cases. Beneficiary can be the casualty company/defendant. The balance of the premium (after all payments are made) is deducted and returned to the casualty company in a cash lump sum.
A claim is a demand by a person or entity that is seeking to recover for a loss. A claim may be made against an individual or an entity. A claim may also be made against an insurance company, when an insured asks the insurance company to pay for a loss that may be covered by an insurance policy.
A person(s) who asserts a demand seeking to recover for a loss and who is the recipient of the structured settlement.
Per the Internal Revenue Code, money representing income not actually received or in the possession of the taxpayer may be considered received as income and therefore taxable. Constructive receipt is said to have occurred if that income is credited to the taxpayer without a restriction on the taxpayer’s right to bring that income within his control.
The person(s), estate, or financial instrument (for example, a trust fund), named in the policy as the recipient of the guaranteed payment in the event of the policyholder’s death. Also known as beneficiary.
Annuity in which payments begin at a stated time in the future.