Understanding Actuarial Management Pdf.33 _HOT_
Understanding Actuarial Management Pdf.33 ->>> https://byltly.com/2tcJja
Annuities can be characterized as short-term, fixed-ratio, or variable-ratio contracts, and as level investments and life-only, or combination, contracts. Except for the life insurance aspect of an annuity, these characterize its functional characteristics.
You can see an annuity extending out of the picture somewhere above the picture of a life insurance policy, in the yellow zone. From the perspective of the insurance company, the annuity is a part of a life insurance insurance policy. This is where it is most associated with life insurance. Some authorities distinguish this so-called "life insurance-backed" annuity. But the core of the insurance company’s business in these products is with the associated life insurance policies.
A fixed-ratio annuity is structured like a life insurance contract, except that the insurance company pays a fixed sum per year against the possibility that the retiree might outlive the payments. So the insurance company is "writing" a policy and investing money for the guaranteed benefit.
As for level (lockbox) investments, that is, the policyholder pays in now and gets back assets at the time of withdrawal. Withdrawals in these policies can be in annuity or lump sum amounts, either fully or partially, and according to the schedule of payments in the policy, or at any time.
A variable-ratio annuity (VRIA) is structured like a variable-ratio life insurance policy. Except in the typical VRIA, payouts under the variable-ratio annuity cannot be changed after the contract is made. d2c66b5586