straight annuity


straight annuity
An annuity payable under a contract which provides for the termination of all payments upon the death of the annuitant. 4 Am J2d Annui § 1. An annuity under which the payments to be made by the insurance company terminate upon the death of the annuitant, without refund of any part of principal or interest to a third person. Bartle v Pennsylvania R. Co. 51 Ohio L Abs 161, 78 NE2d 410, mod on other grounds 150 Ohio St 387, 38 Ohio Ops 237, 82 NE2d 853.

Ballentine's law dictionary. . 1998.

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  • annuity — /an(y)uwatiy/ A right to receive fixed, periodic payments, either for life or for a term of years. Moore v. O Cheskey, App., 87 N.M. 66, 529 P.2d 292, 293. A fixed sum payable to a person at specified intervals for a specific period of time or… …   Black's law dictionary

  • annuity — /an(y)uwatiy/ A right to receive fixed, periodic payments, either for life or for a term of years. Moore v. O Cheskey, App., 87 N.M. 66, 529 P.2d 292, 293. A fixed sum payable to a person at specified intervals for a specific period of time or… …   Black's law dictionary

  • annuity — In the older sense of the term, a yearly payment of a certain sum of money granted to another in fee, for life, or for years. In the modern sense, a right, bequeathed, donated, or purchased, to receive fixed or certain periodical payments,… …   Ballentine's law dictionary

  • annuity — an·nu·ity /ə nü ə tē, nyü / n pl ities [Medieval Latin annuitas, from Latin annuus yearly] 1: an amount payable at regular intervals (as yearly or quarterly) for a certain or uncertain period 2: the grant of or the right to receive an annuity his …   Law dictionary

  • straight life annuity — see annuity Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • Annuity (US financial products) — In the U.S. an annuity contract is created when an individual gives a life insurance company money which may grow on a tax deferred basis and then can be distributed back to the owner in several ways. The defining characteristic of all annuity… …   Wikipedia

  • Straight Life Annuity — An insurance product that makes periodic payments to the annuitant until his or her death, at which point the payments stop completely. These products do not allow annuitants to designate a beneficiary. Straight life annuities may be bought over… …   Investment dictionary

  • straight life annuity — noun : an annuity for life : life annuity …   Useful english dictionary

  • annuity method — A method of calculating the depreciation on a fixed asset. The objective of the method is to produce an approximately constant annual charge for the total depreciation and cost of capital of an asset. It is calculated in such a way that a low… …   Accounting dictionary

  • nonrefunding annuity contract — Same as straight annuity. 4 Am J2d Annui § 1 …   Ballentine's law dictionary