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Annuity glossary will give you the most commonly used terms in annuities and other related financial products.

1035 Exchange: transfer of one annuity from one participant to another. Most people who choose to transfer their annuities are to get better rates and higher yields. This type of transfer is tax-free however; surrender fees may be applied in some cases.

401 (k) plan: this a retirement plan offered by employers to their employees. The employers make contributions to retirement plans. Often employers will match the contributions on a partial or full basis.

FindAnnuitiesAnnuitant: a person who buys annuities from insurance companies. Annuitants are expected to respect and follow all the terms and conditions that are stipulated in the annuity contract.

Annuity: Annuities are insurance products, which are offered by insurance companies. The term annuity refers to the payments or earnings that a person receives on a monthly or semiannual basis. When the original annuitant dies, the beneficiaries may take a part of the annuity.

Accrued interest: refers to the amount of interest that had eventually accrued since payment of most recent interest amount.

Actuary: the person who is an expert in statistical mathematics, which calculate premiums, pension, dividends and annuity rates.

Amortization: the decrease of debt on a gradual basis through monthly or semi quarterly payments that meet latest interest amounts. This should be paid on time to avoid late charges and penalty fees.

Anniversary Date: this is the annual date on which the annuity had started or had become effective.

Annuitization: the process of transferring the annuity into an income stream which are represented by regular payments for a definite period.

Annuity contract: a legal contract where annuitants enter. The contract stated the payments that an annuitant should pay on a specified time.

Annuity period: this is the period where the payments should be received. The annuity period are classified in monthly, quarterly, semi annually or annually.

Beneficiary: any person who receive benefits from annuity death benefit. When the original owner of the annuity dies, the beneficiary will receive a part of the annuity. However, beneficiaries cannot alter or change anything that is stipulated in the contract. They can receive befits but they are not allowed to change anything already stated in the contract.

Bond: bonds are form of debt that is created by institutions for those who wants to borrow money. Buyers of bonds will enjoy regular payments of interest. Most bonds are paid through a lump sum.

Bonus annuity: the bonus added by insurance companies to premium payments. Normally the rates for bonus annuity are between from one percent to five percent.

Certificate annuity: this type of annuity is equal to the guarantee period that is equal to surrender period.

Co-annuitant: co-owner of any original annuitant. The purpose of having a co-annuitant is to lengthen the contract of annuity. Consequently, both the original annuitant as well as the co-annuitant should die before the annuity to stop.

Deferred annuity: annuity is typically deferred. This means that as annuity, it will be not tax immediately because it will only be taxed upon withdrawal. The duration of annuity, usually last from seven to eight years. During withdrawal, a withdrawal tax up to thirty-six percent is charged.

Holding period:  the time when a participant holds ownership over policy plans, annuity contracts or other financial instruments.

Immediate annuity: this type of annuity allows each user to receive payout upon first payment of investment.

Joint annuitant: a person named in annuity contract. The life expectancy and age are some factors used to calculate annuities.

Life annuity: type of annuity that pays a set of standard and periodic basis as long as the annuitant is around.

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