For Medicare beneficiaries, this is a time of year, during the month of November, in which all Medicare+Choice health plans are open and accepting new members. Enrollment begins the following January. See election period.

Highest dollar amount that an insurance company will pay on all claims experienced in 1 year for an insured as stated in the insurance contract.

1. Individual who receives annuity payments. 2. Person whose lifetime is used as a measurement for establishing the length of time benefits are payable under a life annuity.

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See: Annuity.

Contract that provides an income for a specific number of years, regardless of life or death.

Payment, or one of the regular periodic payments, an annuitant makes for an annuity.

Time between each benefit payment in an annuity contract.

Ownership shares in a variable annuity’s separate account fund after the accumulation period ends. Annuity units are purchased with accumulation units and are used to establish benefit payment amounts. See also accumulation units.