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Concept of annuity
Annuities are used primary to provide a steady stream of income to an individual typically upon retirement in theory and is designed to protect against out living at individual retirement income by providing a lifetime income. one of the primary functions of annuity is to liquidate a estate or to pay benefits until the death of the annuitant direct comparison to life insurance can be referred to as opposite of a life insurance policy. annuities are funded sold through life insurance companies and require at least a life license to sell
Control of the contract
the owner who controls the contract is responsible for making payments into the contract as well as having all of the contractual rights in the policy is the owner
Annuitant
The individual who life contract is based upon. Upon a lifetime annuitization payments will be made to the annuit based upon the annuit age gender settlement option selected and dollar amount used to fund the income benefit payments
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