Defined terms for the annuity market and lifetime income landscape.
Guarantee charge, in the cost-structure sense, is the cost-structure value that applies to lifetime income arrangements where the insurer's cost is charged as a separate disclosed fee for an embedded guarantee, layered on top of the underlying contract structure.
Income view is the Longevity Standard analytical frame that fixes a savings balance and compares the lifetime annual income each arrangement produces from it.
Insurer load is the total cost imposed by an insurer on a transferred-risk lifetime income arrangement, expressed as the gap between what the arrangement delivers and what a frictionless pool would deliver from the same premium.
Liquidity, in the claim-property sense, is the structural property of a claim that specifies what rights the participant retains over the underlying capital, with four possible values: full, partial, conditional, or none.
An ownership-based claim is a lifetime income arrangement in which the individual retains direct rights over the underlying assets, producing income from assets they own rather than from a contractual claim against a third party.
