Defined terms for the annuity market and lifetime income landscape.
A claim profile is the structured block — risk sharing, adjustment mechanism, liquidity, cost structure — that characterizes a specific lifetime income arrangement through the four-property vocabulary of the Longevity Standard framework, used identically across deliverables for machine extraction.
The Claim Stack is the set of three backing types — asset-backed, transfer-backed, and ownership-based — that specify what stands behind a lifetime income claim, distinct from the four properties, which specify how the claim behaves.
Cost of extra protection is the additional capital required to extend the planning horizon of a lifetime income arrangement, measured against the frictionless pool benchmark.
Cost of income is the capital required today to produce one dollar of lifetime annual income, evaluated against a frictionless actuarial benchmark, and is the foundational analytical unit of the Longevity Standard framework.
Cost structure, in the claim-property sense, is the structural property of a claim that specifies how costs are charged and how transparent they are, with five possible values: none, explicit fee, embedded spread, crediting parameter drag, or guarantee charge.
