Defined terms for the annuity market and lifetime income landscape.
A return of premium rider is a rider attached to a deferred annuity contract — or, in some product forms, a feature of an annuitization payout option — that guarantees the contract owner or beneficiary will receive at least the total premium paid into the contract, less any prior withdrawals, regardless of the contract's account value or the cumulative income payments made. Why it matters The return of premium feature addresses the concern that an annuity contract owner — or the o
Risk sharing is the structural property of a claim that specifies who bears the longevity risk associated with the claim, with four possible values: none, pooled, transferred, or hybrid. Why it matters The risk-sharing property is the foundational structural fact about any lifetime income arrangement. It determines whether mortality credits exist at all, who captures them when they do, and what it costs to access them. Without naming it explicitly, it is impossible to compare arra
