Unit 2 QQ2.K Purchasing Annuities
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| Conditional Deferred Sales Loads |
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| Single Premium Deferred Annuity | Purchased with a lump sum, but payment of benefits is delayed until a later date selected by the annuitant.
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| Periodic Payment Deferred Annuity | Allows investment over time. Benefit payment for this type of annuity are always deferred until a later date selected by the annuitant.
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| Immediate Annuity | Purchased with a lump sum, and the payout of benefits usually commences within 60 days.
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| Bonus Annuities | Benefits include enhancement of the buyer's prem, with the ins co. contributing an additional 3-5% to the premium pymt. The cost for this includes higher fees and expenses includings an ext of 8-9 yrs. 10-15% of premiums or all earnings can be withdrawn.
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| Accumulation Stage | The period during which contribution are made to an annuity account.
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| Annuity Phase | Payout phase of annuity account.
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| Accumulation Unit/ Annuity Unit | An accounting measure used to determine an annuitant's porportionate interst in the insurer's separate account duing an annuity's accumulation (deposit) stage.
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| Annuitize | To change an annuity contract from the accumulation (pay-in) stage to the distribution (payout) stage.
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| Assumed Interest Rate (AIR) | The rate that a variable annuity separate account must earn to keep annuity apyments level. If the account earns more thant he AIR, the next apyment will increase; if it earns less, the next payment will decrease.
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