Glossary

The cash refund option is an annuity payment option under which any portion of the original premium not yet paid out as income at the annuitant's death is returned in a single lump sum to a named beneficiary. Why it matters The cash refund option adds a beneficiary residual to a lifetime annuity payout that protects against the case in which the annuitant dies before having received income equal to the premium paid. The lump-sum payment to the beneficiary at the annuitant's death

The cash value of an annuity contract is the accumulated value held in the contract at a given point in time, calculated according to the product's specific accumulation mechanics, and distinct from both the surrender value (cash value less applicable surrender charges and market value adjustments) and the death benefit (which may equal cash value or a higher contractually specified amount). Why it matters Cash value is the contract owner's principal measure of the contract's accu

A CD annuity is a marketing label commonly applied to a multi-year guaranteed annuity (MYGA) contract positioned as an alternative to a bank certificate of deposit, characterized by a contractually fixed crediting rate for a specified term, surrender charges during the guarantee period, and the structural features of an insurance product rather than a bank deposit. Why it matters CD annuities are MYGA contracts marketed using a label that draws an analogy to bank certificates of d