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Annuity

A right to receive periodic payments, usually fixed in size, for life or a term of years that is created by a contract or other legal document.The most common form of an annuity is akin to a savings account. The annuitant, the person who creates an annuity for his or her own benefit, deposits a sum of money, the principal, with an individual, business, or insurance company to be invested so that the principal will earn income at a certain percentage, usually specified by the terms of the annuity. This income is used by the company to pay the annuitant. Each payment received by the annuitant, sometimes called the primary beneficiary, represents a partial return of the principal and a portion of the income generated by its investment. Such annuities are employed frequently to provide a source of income to persons upon their retirement. A group annuity contract supplies periodic payments to a retired individual member of a group of employees covered by their employer's master contract. A retirement annuity is a policy paid to the annuitant after retirement. If the annuitant dies prior to the expiration of the annuity or wants to surrender the policy, an amount specified in the terms of the annuity is returned to the annuitant's estate or designated beneficiary.

Classification

Annuities are classified according to the nature of the payment and the duration of time for payment. A fixed annuity requires payment in a specified amount to be made for the term of the annuity regardless of economic changes due to inflation or the fluctuation of the ventures in which the principal is invested. A variable annuity provides for payments that fluctuate in size contingent upon the success of the investment of the principal. Such variation offsets the effect of inflation upon the annuitant. If, however, the investment has fared poorly, the size of the payments decreases.

A straight annuity is a contract by an insurance company to make variable payments at monthly or yearly intervals. A life or straight life annuity is payable to an annuitant only during the annuitant's lifetime and ceases upon his or her death. The size of the periodic payment is usually fixed based upon actuarial charts that project the expected life span of a person based upon age and physical condition. This type of annuity often contains provisions that promise payment to be made to a secondary beneficiary, named by the annuitant to receive benefits in case of the annuitant's death, or to the annuitant's heirs for a period of time even if the annuitant has died before the expiration of the designated period. A deferred annuity is one in which payments start at a stipulated future date only if the annuitant is alive at that time. Payment of the Income Tax due on the income generated is delayed until payments start. A deferred annuity is used primarily by a person who does not want to receive payments until he or she is in a lower tax bracket, such as upon retirement.

A refund annuity, sometimes called a cash refund annuity, is a policy that promises to pay a set amount annually during the annuitant's life. In case the annuitant dies before receiving payments for the full amount of the annuity, his or her estate will receive a sum that is the difference between the purchase price and the sum paid during the annuitant's lifetime.

A joint annuity is one that is payable to two named persons but upon the death of one, the annuity terminates. A joint and survivorship annuity is a policy payable to the named annuitants during their lives and continues for the benefit of the surviving annuitant upon the death of the other.

Tax Aspects

When an annuity is paid to an annuitant, he or she receives a portion of the principal and part of the return it has earned. For federal and state income tax purposes, only the amount attributable to the income generated by the principal, not the principal itself, is considered taxable income. The Internal Revenue Code provides an exclusion ratio to determine the amount of taxable income paid to the annuitant. Special tax rules apply to annuities that are qualified employee retirement plans.

The annuity payments made to the estate of a decedent might be subject to estate and gift tax as an asset of the decedent's gross estate. Federal and state laws governing estate tax must be consulted to determine the liability for such taxes.

Cross-references

Pension.

classification

noun allocation, allotment, analysis, apportionment, arrangement, assignment, assortment, categorization, category, class, codification, designation, disposition, distribution, division, gradation, group, grouping, identification, methodization, nomenclature, order, ordering, orderly arrangement, ordination, organization, placement, ranking, reducing to order, regulation by a system, specification, subgroup, syntaxis, systematization, taxis, type
Associated concepts: arbitrary classification, illegal classificaaion, unreasonable classification
See also: arrangement, array, chain, class, compilation, degree, denomination, department, diagnosis, distribution, division, form, hierarchy, identification, kind, label, manner, method, order, organization, rating, rubric, segregation, separation, sequence, structure, subdivision, subheading, system, title
References in periodicals archive ?
of Incidence Location Cases (%) Cases (%) Cardia 10 7.04 129 11 Body 18 12.68 302 26 Antrum 42 29.58 273 24 Body and antrum 37 26.06 195 17 Gastric remnant 3 2.11 105 9 Undefined 32 22.54 157 14 Total 142 100 1161 100 Table 4: Incidence of Signs and Symptoms in Gastric Malignancy in the Current Study Signs/Symptoms Total Cases Incidence (%) Loss of weight 6 3.95 Loss of appetite 9 5.92 Pain abdomen 46 30.26 Vomiting 52 34.21 Haematemesis 11 7.24 Mass abdomen 14 9.21 Ascites 5 3.29 Dysphagia 3 1.97 Melena 6 3.95 TABLE 5: TNM CLASSIFICATION FOR ADENOCARCINOMA OF STOMACH (5) Primary Tumour [T.sub.x] Primary tumour cannot be assessed.
(42) Therefore, the International Association for the Study of Lung Cancer (IASLC) together with ITMIG proposed a staging system in 2014 for the forthcoming (eighth) edition of the TNM classification of malignant tumors (Table 7).
Wittekind, UICC: TNM Classification of Malignant Tumors, John Wiley & Sons, New York, NY, USA, 5th edition, 1997
According to TNM classification, there were 10 cases at stage I, 18 at stage II, 80 at stage III, and 64 at stage IV.
The international union against cancer (UICO) has no proposal of clinical TNM classification for malignant melanomas, but Westbury describes a clinical classification as follows: I-only primary tumor present II-metastasis present (Ila-adjacent skin involved, lib-regional lymphnodes involved, lie adjacent skin and regional lymph nodes involved) and Ill-metastasis beyond regional lymph nodes.
We found that CD46 expression was not related to any specific patient characteristics such as age, sex, grade of tumor differentiation, or TNM classification (Figures 1 and 2; Table 1).
Pericolonic tumor deposits in patients with T3N+M0 colon adenocarcinomas: markers of reduced disease free survival and intra-abdominal metastasis and their implications for TNM classification. Cancer.
The final report was given as Nonfunctioning Malignant Neuroendocrine carcinoma of the Pancreas with Splenic infiltration, stage T4 (according to TNM classification).
The IASLC (9) published recommendations on changes in the TNM classification for lung cancer in 2007, and these recommendations were adopted in the 7th edition of the TNM classification of the Union for International Cancer Control and American Joint Committee on Cancer in 2011.
In large part, this is most likely because central nervous system (CNS) neoplasms are not included in the American Joint Committee on Cancer/International Union Against Cancer TNM classification system.1 Central nervous system tumors were not included in the initial efforts to modify pathology reports, for the top 5 cancer sites in each institution, to include synoptic tumor text (published in 2004 and revised in 2009 (1)) that has evolved into the substrate for synoptic protocols for pathology reports mandated by the Commission on Cancer of the American College of Surgeons.
Because there is a lack of uniformity regarding the application of the R classification, particularly with respect to residual tumor at meta static sites, the UICC TNM classification states (4):