Defined terms for the annuity market and lifetime income landscape.
An installment refund option is a payment structure that pays income for the contract owner's lifetime with a guarantee that, if payments received before death fall short of the premium, the balance is paid to a beneficiary as continuing installments until the premium is recovered.
An insurance agent is a state-licensed individual or entity authorized to solicit, negotiate, and place insurance contracts — including annuity contracts — on behalf of one or more insurance carriers, and to receive commission compensation from the carrier on placed business.
