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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Fixed Annuity


Synonyms:constant annuity, guaranteed annuity, static annuity
Filed Under: annuities, estate-management, investments
Tags: annuity, investment
 

Definition of fixed annuity

fixed annuity
1. An annuity contract where the insurer agrees to make fixed payments to the annuitant until the termination of the contract, which usually occurs when the annuitant dies. A fixed annuity has a guarantee of principal and earnings from the insurer.

Related Terms and Acronyms:

  • annuity certain   A type of annuity that makes payments to the annuitant for a set term; payments stop when the agreed upon term ends, even if the annuitant is still alive after the term ends.
  • annuity contract   A contract that outlines each party's responsibilities as they relate to an annuity.
  • cash refund annuity   An annuity that refunds any remaining balance to the beneficiaries or the annuitant's estate when the annuitant dies.
  • immediate payment annuity   An annuity where payments to the annuitant start immediately after the annuity has been set up.
  • investment income   Income that is earned from investments such as interest, dividends, and capital gains.
  • level payment   A method of repayment where periodical payments of principal and interest are made in a certain way so the payment amount remains constant.
  • level-premium insurance   Insurance where the premiums the policyholder pays are guaranteed to remain the same for an agreed upon period of time.
  • life annuity   An annuity that will continue to make payments until the death of the annuitant.
  • split-funded annuity   Two annuities purchased together, one with a deferred payout and the other with an immediate payout.
  • straight life annuity   An annuity that stops all payments upon the annuitant's death.

More Related Terms and Acronyms

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