joint life annuity

annuity

noun | \ ə-ˈnü-ə-tē, -ˈnyü- \ | an·nu·ity

  1. : an amount payable at regular intervals (as yearly or quarterly) for a certain or uncertain period

  1. : the grant of or the right to receive an annuity his will included annuities for several old friends

  1. : a contract (as with an insurance company) under which one or more persons receive annuities in return for prior fixed payments made by themselves or another (as an employer)

    — annuity certain
    : an annuity payable over a specified period even if the annuitant dies

    — annuity due
    : an immediate annuity in which the payment of the benefits is made at the beginning of each payment interval rather than at the end

    — contingent annuity
    : an annuity whose starting or ending date depends on the occurrence of an event (as the death of the annuitant) whose date is uncertain

    — conventional annuity
    : an annuity under which the annuitant receives a specified minimum amount at each payment — compare variable annuity in this entry

    — deferred annuity
    : an annuity in which payment of benefits is delayed until a particular time (as at retirement) — compare immediate annuity in this entry

    — group annuity
    : a pension plan paying annuity benefits at retirement for all eligible persons under a single master contract usually issued to an employer for the benefit of its employees

    — immediate annuity
    : an annuity purchased with a single premium in which payment of benefits begins within the first payment interval (as within a year) — compare deferred annuity in this entry

    — joint-and-survivor annuity
    : an annuity payable as long as any of the two or more annuitants remains alive — called also joint-and-last-survivor annuity, joint and survivorship annuity, joint life and survivorship annuity; compare joint life annuity in this entry

    — joint life annuity
    : an annuity payable only until the death of any of the annuitants — called also joint annuity; compare joint-and-survivor annuity in this entry

    — life annuity
    : an annuity payable during the annuitant's lifetime and terminating at death — called also straight life annuity

    — life income-period certain annuity
    : an annuity that guarantees a minimum number of payments even if the annuitant dies before the minimum amount is paid or a minimum number of payments plus income for life if the annuitant is still alive after the minimum amount is paid

    — refund annuity
    : an annuity in which payments to the annuitant or to the annuitant's estate or to a beneficiary are guaranteed to equal at least the amount of the premium paid for the annuity

    — straight life annuity
    : life annuity in this entry

    — variable annuity
    : an annuity that is backed primarily by a fund of common stocks and whose payments go up or down depending on how well the stocks perform — compare conventional annuity in this entry, variable life insurance at life insurance