Terms Used In CFR > Title 42 > Chapter IV > Subchapter B > Part 408 > Subpart G - Collection of Unpaid Premiums; Refund of Excess Premiums After the Death of the Enrollee

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}