A life insurance contract sold by insurance companies, brokers, and other financial institutions. It is usually sold as a retirement investment. An annuity is a long-term investment and can have steep surrender charges and penalties for withdrawal before the annuity's maturity date. (Annuities are not FDIC insured.)
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA life insurance contract sold by insurance companies, brokers, and other financial institutions. It is usually sold as a retirement investment. An annuity is a long-term investment and can have steep surrender charges and penalties for withdrawal before the annuity's maturity date. (Annuities are not FDIC insured.)
- Browse Related Terms: Annuity, Beneficiary, Collective Investment Funds (CIFs,CIF), Estate account, Fiduciary, fiduciary capacity, non-banking corporations acting in a, limited purpose trust company, share, Trust Account, wholesale banking, Asset Management Estate (AME), Medium Term Note (MTN), Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund), Securitization
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