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What is the difference between an annuitant and beneficary?
Annuitant is the original policy holder and receiver of benefits while beneficiary is the one legally authorized receiver of benefits in case of death of the annuitant.
What happens to annuity payouts upon death of annuitant?
Upon the death of the annuitant, the treatment of annuity payouts depends on the type of annuity contract. If the annuity has a death benefit or a designated beneficiary, the remaining value may be paid to the beneficiary. In contrast, some annuities may cease payments upon the annuitant's death, particularly if they were set up as single-life annuities. It's important to review the specific terms of the annuity contract to understand the implications of the annuitant's death.
Can you name a beneficiary for an annuity in state of Louisiana?
An annuity will have the following: Owner, Annuitant , Beneficary. Yes the owner of an annuity may name a beneficiary for an annuity, even in the state of louisiana. (I am a native of Louisiana and can confirm that our laws are different). In most situations, the annuitant and the owner are the same. If the annuitant is not the owner, he or she may not have said power of naming the beneficiary.I am a Louisiana Insurance Agent and have handled many annuities in the State of Louisiana.Thanks
What type of life income option annuity guarantees periodic payments that terminate upon the annuitant's death?
The LIFE payout options available from an annuity or life insurance policy are of two types: (A) Life Only and (B) Life with Refund (A) Life Only - the contract guarantees an income (at least annually) for the life of the "annuitant" (the person whose age and sex determines the amount payable). At the annuitant's death, the contract ceases, without value. (B) Life with Refund - Like Life Only, this option will pay an income for the life of the annuitant. If the annuitant dies before the expiry of a specified period, such as 10 years (this is known as a "life and 10 Year Certain" payout) or before the annuitant has received a specified total amount (this is called "life and Cash Refund"), the remaining "refund" amount will be paid to the beneficiary. In the case of "Period Certain" options, the beneficiary will receive the remaining payments (e.g.: if annuitant died having elected a Life and 10 Year Certain and died after five years, the beneficiary will receive payments for the next five years. In a Cash Refund payout, the beneficiary will receive the lump sum difference between the specified lump sum and the cumulative value of income payments paid to the annuitant. It should be noted that NO annuity payout arrangement can EVER guarantee ANY amount to the beneficiary, as all such arrangements will terminate without value if the annuitant lives past the "refund feature" guarantee. LIFE payout are not the only way that annuities can provide income. A non-life payout, called "Period Certain", guarantees payment of income for a specified period of time (e.g.: 20 years), whether the annuitant is living or not. If the annuitant outlives the Period Certain, no further payments are made.
What is the difference between a primary beneficiary and a tertiary beneficiary?
A tertiary beneficiary is only entitled to proceeds if the primary and secondary beneficiaries are no longer living.
What is the difference between a beneficiary and a fiduciary?
recepient of funds or other benefits is called beneficiary. but a person who holds asset to be a beneficiary is called fudiciary. 1 fudiciary--------->beneficiary | | |0 | -------->loss
If an annuitant dies before annuitization occurs what will the beneficiary receive?
If an annuitant dies before annuitization occurs, the beneficiary typically receives the account's accumulated value, which may include premiums paid and any interest earned, depending on the terms of the annuity contract. Some contracts may also offer a guaranteed minimum death benefit. It's important to review the specific terms of the annuity to understand the benefits available to the beneficiary.
What kind of life insurance policy pays a specified monthly income to a beneficiary for W years and then pays a lump sum benefit at the end of that W years?
In pension Policy, a specified amount is provided to the annuitant, and the purchase value is returned to the nominee on death of the annuitant.
What is an annuitant?
An annuitant is the recipient of an annuity.
What is the difference between case number and alien number?
It is located on your NOA2 it is knows as the A Number as it starts with an A.It is located on the line that Beneficiary and has the Beneficiary name.
What is the difference between a contingent beneficiary and a primary beneficiary in a life insurance policy?
A primary beneficiary is the first person or entity who will receive the life insurance proceeds upon the policyholder's death. A contingent beneficiary is the second choice who will receive the proceeds if the primary beneficiary is unable to do so.
What is the difference between a primary beneficiary and a contingent beneficiary in a life insurance policy?
A primary beneficiary is the first person or entity who will receive the life insurance proceeds upon the policyholder's death. A contingent beneficiary is the second choice who will receive the proceeds if the primary beneficiary is unable to do so.
