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[DOCX File]Section 6: Additional Standard Projection Requirements
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The term “variable annuity guaranteed living benefit” (VAGLB) means a guaranteed benefit providing, or resulting in the provision that, one or more guaranteed benefit amounts payable or accruing to a living contract holder or living annuitant, under contractually specified conditions (e.g., at the end of a specified waiting period, upon ...
what does annuitization mean

[DOCX File]Section
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A universally accepted definition of relevant information is not to be found in actuarial literature, but certainly relevant experience is a part of what constitutes relevant information. ... option, instrument or a series or combination thereof: To make or take delivery of, or assume or relinquish, a specified amount of one or more underlying ...
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Annuitization Options Law & Legal Definition
a. The additional standard projection amount shall be determined in aggregate for all contracts falling under the scope of these requirements, excluding those contracts to which the Alternative Methodology is applied, by applying one of the two standard projection methods outlined in Section 6.B.2.
annuitization define

[DOC File]Form 2454x, Standards for Prior Approval Individual ...
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(ii)For contracts with an optional maturity date, the periodic income amount for at least one of the annuity income options available based on the guaranteed rates in the contract, at the later of age seventy (70) or ten (10) years after issue, but in no case later than the maximum annuitization age …
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[DOCX File]VM-01: Definitions for Terms in Requirements
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The rates used at annuitization must be the greater of the current purchase rates or the contract guaranteed option rates unless an actuarial memorandum demonstrates a pricing methodology wherein benefits accumulated under this guaranteed benefit using alternate settlement rates that exceeds the contract guaranteed rates.
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[DOC File]Form 2454f, Standards for Prior Approval Individual Fixed ...
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The rates used at annuitization must be the greater of the current purchase option rates or the contract-guaranteed option rates unless an actuarial memorandum demonstrates a pricing methodology in which benefits accumulated under this guarantee would produce a guaranteed benefit using alternate settlement rates that exceed the contract ...
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Annuitization option definition