Defined terms for the annuity market and lifetime income landscape.
A multi-year guaranteed annuity (MYGA) is a deferred fixed annuity in which the insurer guarantees a fixed crediting rate for a specified multi-year guarantee period, after which the contract may be renewed at a new rate, surrendered, or annuitized into an income stream.
Multiplicative dynamics describes the kind of process — common in investing and wealth growth — where each period's outcome is the previous period's value multiplied by a growth factor, so that gains and losses compound on top of each other rather than simply adding up.
A mutual aid society is a voluntary association in which members contribute regular dues to a common fund from which benefits are paid to members or their survivors upon specified events, organized historically along occupational, ethnic, religious, fraternal, or geographic lines.
Mutual insurance is the commercial insurance form in which the insurer is owned by its policyholders rather than outside shareholders, with policyholders sharing in surplus and bearing operating losses, regulated as a standard insurance carrier rather than as a mutual aid or fraternal society.
