Definition Of Terms Used In Annuity Contracts

Accumulation Phase: The period of time during which the policyholder is making payments into the annuity contract, but income payments have not yet begun. Accumulation Value: The current value of the annuity contract that includes any interest, dividends, or other gains earned on the premium paid. Age: The natural person’s attained age on the day … Continue reading Definition Of Terms Used In Annuity Contracts →

What Types Of Annuities Are Available In Florida?

There are several types of annuities available in Florida including: Fixed annuities: These annuities offer a guaranteed rate of return and are typically used as a way to save for retirement. Variable annuities: These annuities offer the potential for higher returns, but also come with greater risk as the value of the annuity is tied … Continue reading What Types Of Annuities Are Available In Florida? →

MyFloridaCFO.com | Florida Department of Financial Services

Recommended by the Constitutional Revision Commission, and passed into law by voters in 1998, the Florida Legislature carried out an amendment to the state's constitution by merging the Department of Insurance, Treasury, State Fire Marshal and the Department of Banking and Finance into the Department of Financial Services effective January 2003. The Department is made up … Continue reading MyFloridaCFO.com | Florida Department of Financial Services →

Annuities Language Glossary

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Glossary of Financial Terms

1035 ExchangeSection 1035 in the Internal Revenue Code that allows for a tax-free exchange of a life insurance or annuity policy for an alternate annuity. 401(k)Retirement savings plan that allows employees to make tax free contributions to a savings account. Money deposited is not taxed until it is withdrawn. AccrualThe accumulation of interest earned. Accumulation … Continue reading Glossary of Financial Terms →