Defined terms for the annuity market and lifetime income landscape.
The surrender period is the defined number of years following the issue of a deferred annuity contract during which the surrender charge schedule applies, after which withdrawals are no longer subject to surrender charges.
Surrender value is the amount an annuity contract owner would actually receive on a full surrender of the contract at a given point in time, equal to the contract's cash value less any surrender charges, market value adjustments, and other applicable deductions.
A survival curve is a graphical or tabular representation of the share of a starting cohort still alive at each successive age, declining from one at the entry age to zero at the oldest age any member reaches.
Survivor credit is the income a surviving member of a lifetime income arrangement has received because other members have died, viewed from the survivor's account perspective rather than from the pool's flow perspective.
