Conventional Annuity - Law Dictionary Search Results

Home Dictionary Name: conventional annuity

conventional annuity

conventional annuity see annuity ...

annuity pl: -ities [Medieval Latin annuitas, from Latin annuus yearly] 1 : an amount payable at regular intervals (as yearly or quarterly) for a certain or uncertain period 2 : the grant of or the right to receive an annuity [his will included annuities for several old friends] 3 : a contract (as with an insurance company) under which one or more persons receive annuities in return for prior fixed payments made by themselves or another (as an employer) annuity cer·tain pl: annuities certain : an annuity payable over a specified period even if the annuitant dies annuity due pl: annuities due : an immediate annuity in which the payment of the benefits is made at the beginning of each payment interval rather than at the end contingent annuity : an annuity whose starting or ending date depends on the occurrence of an event (as the death of the annuitant) whose date is uncertain con·ven·tion·al annuity : an annuity under which the annuitant receives a specified...

mortgage

mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...

Insurance

Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...

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