Deferred Annuity - Law Dictionary Search Results

Home Dictionary Name: deferred annuity

deferred annuity

deferred 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...

Deferred life annuities

Deferred life annuities, annuities for the life of the purchaser, but not commencing until a date subsequent to the date of buying them, so that if the purchaser die before that date the purchase money is lost....

Annuity

Annuity, in order to constitute an annuity, the payment to be made periodically should be a fixed or predetermined one, and it should not be liable to any variation depending upon or on any ground relating to the general income of the fund or estate which is charged for such payment, CWT v. P. K. Banerjee, (1981) 1 SCC 63 (75): AIR 1981 SC 401. [Wealth-Tax Act, 1957, s. 2(e)(1)(iv)]It is a right to receive a specified sum and not an aliquot share in the income arising from any fund or property. Ordinarily an annuity is a money payment of a fixed sum annually made and is a charge personally on the grantor, CWT v. Arundhati Balkrishna, (1970) 1 SCC 561 (565): AIR 1971 SC 915. [Wealth Tax Act, 1957, s. 2(e)(iv)]An annuity is a fixed sum payable annually either in perpetuity or for any less period. When charged upon land either freehold or leasehold both, exclusively of purely personal estate, it is strictly a rent charge; see (English) Real Property Limitation Act, 1833 (3 & 4 Will. 4, c....

Government annuities

Government annuities. By 27 & 28 Vict c. 43, and 45 & 46 Vict. c. 51, the Government Annuities Acts, 1864 and 1882, and other 'Government Annuities Acts,' facilities are afforded for the purchase of such annuities, and for assuring payments of money on death, the latter Act allowing the purchase of an annuity of any amount not exceeding 100l. a year, the limit under the Act of 1864 having been 50l. a year. At the present time life annuities are granted from the National Debt offices without any limit on the amount, or through the Post Office or trustee savings banks up to 330l. a year.The Government Annuities Act, 1929 (c.29), con-solidates with amendments the former Acts. See ANNUITIES....

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Deferred Annuity - Law Dictionary Search Results