Defined terms for the annuity market and lifetime income landscape.
Policyholder priority in insolvency is the statutory ranking, established under state insurance receivership law, that places contract owners of an insolvent insurance carrier ahead of general unsecured creditors in the distribution of the carrier's remaining assets.
Policyholder surplus is the term used in US insurance statutory accounting for the excess of an insurance carrier's admitted assets over its liabilities, equivalent in most contexts to statutory surplus and named to emphasize that the surplus stands behind obligations to contract owners.
Pool governance is the set of rules, decision rights, and structural features that determine how a lifetime income pool operates — underwriting standards, redistribution rules, withdrawal rights, and dispute resolution — independent of any individual member.
Pool size effects are the ways in which the income, predictability, and operating costs of a lifetime income pool change as the number of members in the pool increases or decreases.
