Variable-annuity definitions

An annuity in which payments to the annuitant vary according to the changing market value of the underlying investment.
noun
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An annuity in which the payment depends on the performance of the underlying investments. An annuity is an investment product sold by an insurance company that guarantees a minimum return to the annuitant. A variable annuity contrasts with a fixed annuity, in which the insured knows exactly what return he or she will get, and the insurance company bears all the investment risk.
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