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LEVEL PREMIUMS
Premiums that are scheduled to remain the same each year for a specified
duration. These may be guaranteed or non-guaranteed depending on the contract.
LIFE ANNUITY
A mathematical term for a series of regular periodic payments,
each of which is made only if a designated payee is then alive,
with the payments continuing for that payee's entire life.
LIFE ANNUITY WITH PERIOD CERTAIN
A life annuity which promises that if the annuitant dies before the end
of a designated period (usually 5, 10, or 20 years), the insurer will continue
payments to an annuitant's beneficiary until the end of the designated period.
Also called a life income with period certain annuity.
LIFE INSURANCE
Insurance that provides protection against the economic loss caused by the death of the person insured.
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