Defined terms for the annuity market and lifetime income landscape.
An asset-backed claim is a lifetime income claim in which the income is paid by an insurer from the assets held in its general account, with the participant's right to income depending on the insurer's continued solvency and the performance of those assets. Why it matters Most commercial lifetime income products in the United States are asset-backed claims — SPIAs, DIAs, fixed indexed annuities, and variable annuity living benefits all rely on the issuing insurer's general account
