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February 27, 2010
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Annuity Terms and Definitions

 
 

Accidental Death
Bodily injuries sustained solely through violent, external and accidental means, and as a direct result of the bodily injuries, independently of all other causes, and within 90 days afterwards, you lose your life.

Annuity, Reduced
A retiree's basic annuity that is reduced because of retirement before a certain age (for reasons other than disability). Annuities are also reduced because of unpaid deposits or redeposits, or to provide a survivor annuity. (Also called reduced benefits.)

OFEGLI
The Office of Federal Employees' Group Life Insurance, which makes payments to beneficiaries under the policy. OFEGLI is not a Federal agency. It is staffed by employees of the contracted life insurance carrier.

Immediate annuity
An annuity that begins no later than one month after the date the insurance would otherwise stop An annuity under 5 CFR 842.204(a)(1) for which the starting date has been postponed under 5 CFR 842.204.

Annuitant
A former employee entitled to an annuity under a retirement system established for employees. This includes the retirement system of a nonappropriated fund instrumentality of the Department of Defense or the Coast Guard.

Accidental Dismemberment
Bodily injuries sustained solely through violent, external and accidental means, and as a direct result of the bodily injuries, independently of all other causes, and within 90 days afterwards, you lose your limb or eyesight.

Defined Benefit Pension Plan
A pension plan that promises participants a specified monthly benefit at retirement.

Duly Appointed Representative of the Insured's Estate
An individual named in a court order granting the individual the authority to receive, or the right to possess, your property. The order must be issued by a court having jurisdiction over your estate.

Incontestability
A statutory provision permitting erroneous enrollments that have continued for at least two years to become valid, if you have paid the applicable premiums during the period of erroneous coverage.

Living Benefits
Basic insurance benefits (full or partial) paid to you while you are still living, rather than paid to a beneficiary when you die. You must be terminally ill, with a life expectancy of 9 months or less, to qualify for a living benefit.

 

Contact a Maryland annuity law lawyer today and get a free consultation!

 
Did You Know?    
 
 
Annuity tax-free exchanges, known as 1035 exchanges
Section 1035 of the U.S. tax code allows you to exchange an existing variable annuity contract for a new annuity contract without paying any tax on the income and investment gains in your current variable annuity account. These tax-free exchanges, known as 1035 exchanges, can be useful if another annuity has features that you prefer, such as a larger death benefit, different annuity payout options, or a wider selection of investment choices.

 


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Latest news about Annuity cases in Maryland and nationwide:

SEC And NYSE Settle Enforcement Actions Against Goldman Sachs
The Securities and Exchange Commission and the NYSE Regulation, Inc. today settled separate enforcement proceedings against a prime broker and clea...
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Ozark Man Indicted For $2.8 Million Securities Wire Fraud
Bradley J. Schlozman, United States Attorney for the Western District of Missouri, announced today that an Ozark, Mo., man has been indicted by a f...
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Lawsuit Charges Insurance Companies, Financial Planners
Lawsuit Charges Insurance Companies, Financial Planners with Elder Abuse, Fraud; Consumer Protection Action Alleges Corporate Scare Tactics...
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Annuity Lawyers.com Terms

 


Today's Terms

Automatic Cancellation of Waiver

Definition:
The automatic entitlement to Basic insurance and ability to elect Optional insurance if you are reinstated after a break in service of at least 180 days.

Accidental Dismemberment

Definition:
Bodily injuries sustained solely through violent, external and accidental means, and as a direct result of the bodily injuries, independently of all other causes, and within 90 days afterwards, you lose your limb or eyesight.

Annuity, Postponed

Definition:
Delaying your FERS annuity benefit to sometime in the future after meeting your Minimum Retirement Age but before age 62.

More Annuity Lawyers.com Terms >

 

Annuity Law Resources

 


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Annuity Law Hot Topics

 
Topics Related to Annuity:

  • Client Manipulation
  • Providing False Information
  • Lying to Auditors
  • Unauthorized Transactions
  • Breach of Fiduciary Duty
  • Broker Embezzlement

More Annuity Law Topics >

Maryland Annuity-Law Attorney

 
If you live in the following cities and need an Annuity-Law attorney you should contact our Annuity-Law Attorney as soon as possible:

  • Annapolis
  • Baltimore
  • Capitol Heights
  • Catonsville
  • Columbia
  • Cumberland
  • District Heights
  • Dundalk
  • Elkton
  • Ellicott City
  • Essex
  • Fort Washington
  • Gaithersburg
  • Germantown
  • Glen Burnie
  • Gwynn Oak
  • Hagerstown
  • Hyattsville
  • Lanham
  • Lutherville Timonium
  • Middle River
  • Nottingham
  • Owings Mills
  • Parkville
  • Pasadena
  • Potomac
  • Rockville
  • Silver Spring
  • Sykesville
  • Temple Hills
  • Upper Marlboro
  • Westminster


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