Annuity at Legal Glossary
What is it? A purchased policy that pays a fixed amount of benefits every year -- although most annuities actually pay monthly -- for the life of the person who is entitled to those benefits. In a simple life annuity, when the person receiving the annuity dies, the benefits stop; there is no final lump sum payment and no provision to pay benefits to a spouse or other survivor. A continuous annuity pays monthly installments for the life of the retired worker, and also provides a smaller continuing annuity for the workers spouse or other survivor after the workers death. A joint and survivor annuity pays monthly benefits as long as the retired worker is alive, and then continues to pay the workers spouse for life.Law Definition Added By: Sophie
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