Definitions Related to Trusts, etc.
Annuitant means a person or entity that receives the income from an annuity.
Annuity means a policy, certificate or contract that is an agreement between two parties in which one party pays a lump sum to the other, and the other party agrees to guarantee payment of a set amount of money over a set amount of time. The annuity may be purchased at one time or over a set period of time and may be bought individually or with a group. It may be revocable or irrevocable. Insurer or similar body licensed and approved to do business in the jurisdiction in which the annuity is established. The beneficiary can also be called the grantee.