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TERMS ASSOCIATED WITH ANNUITIES
Annuity: It is a periodic payment which will begin at a specific or contingent date and continue throughout a fixed period or for the duration of a person's life or more than one person's lives.
Annuitant: It is the person whose life is based on receiving payments.
Annuity Certain: Payments made by an annuity for a specific period of time (it has no relationship to how long the annuitant lives.)
Life (whole life) Annuity: Type of annuity that makes payments throughout the life of the annuitant.
Temporary Life Annuity: Payments are made either for a specific time period or the annuitant dies (which ever time is a shorter period.)
