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annuity

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amortizing mortgage

amortizing mortgage  

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A mortgage arrangement where the borrower repays both interest and principal over the term of the mortgage (cf. annuity).
annuitant

annuitant  

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A person who receives an annuity.
annuity certain

annuity certain  

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An annuity in which payments continue for a specified period irrespective of the life or death of the person covered. In general, annuities cease on the death of the policyholder unless they are ...
annuity due

annuity due  

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An annuity where the cash flows occur at the start of each period rather than the end. That is, the first payment is ‘due’ now.
benefit stream

benefit stream  

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Income or payments that are received over a number of periods (cf. annuity). See cash flow.
capital-conversion plan

capital-conversion plan  

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An annuity that converts capital into income. Capital-conversion policies are often used to provide an income later in life for a person who might be liable to capital gains tax if his or her capital ...
cash flow stream

cash flow stream  

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A series of future cash flows (cf. annuity). Often called a cash stream.
contingent annuity

contingent annuity  

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An annuity in which the payment is conditional on a specified event happening. The most common form is an annuity purchased jointly by a husband and wife that begins payment after the death of one of ...
death duties

death duties  

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History
Taxes levied on a person's estate at the time of death. The principal death duty in the UK is inheritance tax. Gifts made within the seven years preceding death are also within the scope of this tax.
deferred annuity

deferred annuity  

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An annuity in which payments do not start at once but either at a specified later date or when the policyholder reaches a specified age.
duration

duration  

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A measure of the sensitivity of bond prices to changes in yield. See also convexity.
fixed-rate mortgage

fixed-rate mortgage  

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A mortgage in which the rate of interest paid by the borrower is fixed, usually for the first few years of the loan.
immediate annuity

immediate annuity  

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An annuity contract that begins to make payments as soon as the contract has come into force.
income right

income right  

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Another term for a purchased annuity.
instalment

instalment  

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Payment of a total sum in regular amounts at intervals over a period, instead of making a single payment. Instalment payments are used in credit agreements and can be used to pay utility bills.
instalment option

instalment option  

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An option in which the premium is settled in a number of payments.
level payment swap

level payment swap  

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Interest rate swap used to hedge the cash flows from an amortizing instrument, where the fixed rate leg matches the payment flows from the instrument. See annuity.
life annuity

life annuity  

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An annuity that ceases to be paid on the death of a specified person, which may or may not be the annuitant.
money purchase basis

money purchase basis  

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(UK).A method of calculating pension income according to the accumulated value of the contributions made. Under this method the ultimate pension will depend on investment return, the level of ...
pension

pension  

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A specified sum paid regularly to a person who has reached a certain age or retired from employment. It is normally paid from the date of reaching the specified age or the retirement date until ...

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