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LSDefine

Simple English definitions for legal terms

life annuity

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A quick definition of life annuity:

A life annuity is a type of financial agreement where an individual pays a lump sum of money to an insurance company or investment company in exchange for regular payments for the rest of their life. These payments stop upon the death of the individual. It is like a savings account that is established for retirement income. There are different types of annuities, such as fixed annuity, variable annuity, and straight life annuity. An annuity can be a good option for those who want a guaranteed income stream during their retirement years.

A more thorough explanation:

A life annuity is a type of annuity that provides a fixed sum of money payable periodically, usually monthly or annually, to a stated recipient. The payments continue until the death of the designated beneficiary. It is a right, often acquired under a life-insurance contract, to receive fixed payments periodically for a specified duration.

For example, if someone purchases a life annuity, they may receive a fixed monthly payment for the rest of their life. If they pass away, the payments stop, and the insurance company keeps the remaining funds.

There are different types of annuities, such as:

  • Fixed annuity: An annuity that guarantees fixed payments, either for life or for a specified period.
  • Variable annuity: An annuity that makes payments in varying amounts depending on the success of investment strategy.
  • Deferred annuity: An annuity that begins making payments on a specified date if the annuitant is alive at that time.
  • Immediate annuity: An annuity paid for with a single premium and that begins to pay benefits within the first payment interval.

These examples illustrate the different types of annuities that exist and how they work. A life annuity is just one type of annuity that provides a fixed income for life.

lieutenant governor | life-care contract

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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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