Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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An individual investing in annuities is known as an annuitant.
To annuitise means to instruct the insurance company to start the periodic annuity payment.
The date from which the annuitant starts receiving regular income is known as the vesting date.
Commutation refers to the process where the annuitant can withdraw a certain portion of the money (as a lump sum) from their accumulated fund on the vesting date.
An insurance company has to make the payment monthly, quarterly, semiannually or annually, as preferred by the annuitant.
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