Defined terms for the annuity market and lifetime income landscape.
The accumulation phase is the period of a deferred annuity contract during which premium is held and credited under the contract's rules, prior to annuitization or the commencement of income payments, with the contract's accumulation value evolving under the crediting and charge mechanisms.
The accumulation value is the contractually defined value of a deferred annuity during the accumulation phase, calculated under the contract's rules — credited interest, index-linked credits, premium additions, withdrawals, and contract charges — and used to compute surrender and withdrawal amounts.
Activities of daily living are a standard set of basic self-care tasks — including bathing, dressing, eating, transferring, toileting, and continence — used by health professionals and insurers to assess functional status and care needs.
