Defined terms for the annuity market and lifetime income landscape.
Lump sum versus annuity election is the participant's choice, at retirement or at plan wind-down, between taking a defined benefit pension or a plan lifetime income option as a one-time cash payment or as a stream of lifetime annuity payments.
Market conduct examination is the periodic review conducted by a state insurance department of a carrier's sales, disclosure, replacement, claims-handling, and complaint-handling practices, focused on how the carrier treats contract owners rather than on its financial condition.
