Defined terms for the annuity market and lifetime income landscape.
An absorbing barrier is a state that, once reached, cannot be left — a process that crosses the barrier stays there permanently, with the subsequent dynamics no longer accessible to it.
The account value is the contractually defined current value of a deferred annuity, used as the reference for surrender, withdrawal, and benefit calculations; in many product types it is equivalent to the accumulation value, while in some contract structures the two refer to distinct amounts.
