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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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omg ucla A was that today??
ImpartialLion
15:11
Anybody know what a Yale II implies? I got one yesterday, but the conversion rate seems low.
splitterus i don't think so but at this rate who knows
yale ii is notoriously kinda random, there's rumors that because of higher applicant volume it might actually mean something this cycle tho. idk how valid that is
who knows anything jackfrost
ImpartialLion
15:18
Thanks for the insight! Hopefully it means something this year🙏🏽
for sure!! ur gonna do great :)
Dkk
15:46
Woo, it took almost 24 hours but my butthole is feeling good again! Just wanted to update y'all on my struggle.
[] baddestbunny
15:52
Ew
Dkk
15:56
Lmfao
soap
16:58
Thank you for the update
Dkk
17:04
Welcome.
Holding out strong for that 11 p.m. Sunday night wave.
soap
17:20
Do the admissions offices close on Veterans Day?
I think someone here was really interested in Cornell Law. I forgot their username now but I just talked to the Cornell admissions rep at the Houston LSAC fair and apparently 2/3 of people who interview at Cornell ultimately get in.
soap
17:21
Hello 🫡
soap
17:21
Thank you for your service, you’re a real one
soap
17:23
I wonder what it’s dependent on? Are the 2/3 chosen on stats, or interview performance, or more holistically?
I'm honestly not sure
[] baddestbunny
17:31
is Cornell a school where only people who interview get in?
I think so
She said historically a quarter get interview invites and then two thirds of those people get in.
soap
17:35
Did she say anything regarding if decisions will start to come out soon?
17:47
username changed
17:51
cockenheimer
17:56
when u boutta detonate some bomb dick u be like
17:56
cockenheimer
[] baddestbunny
17:57
sloppenheimer
17:58
*tips cap*
17:58
m'lady ahh gesture
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