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Acronyms (P2)




FPDA  -  FLEXIBLE PREMIUM DEFERRED ANNUITY
An annuity contract which is acquired with a premium payment, in which an individual receives, in exchange, a regular stream of income payments from the issuer at some time in the future, while maintaining the ability to continue making additional payments into the contract until that time.

FWR  -  FREE WITHDRAWAL PROVISION
An annuity contract provision that grants the annuity owner the right to withdraw a portion of the annuity's Account Value (typically 10%) during the accumulation period without incurring a Surrender Charge.

GLWB  -  GUARANTEED LIFETIME WITHDRAWAL BENEFIT
A rider, endorsement, or additional feature embedded in, or accompanying a Fixed or Indexed Annuity, which guarantees annual withdrawals at a specified level (based on the annuitant 's age), regardless of the contract 's Account Value fall s to zero.

GMAB  -  GUARANTEED MINIMUM ACCUMULATION BENEFIT
A rider, endorsement, or additional feature embedded in, or accompanying a Fixed or Indexed Annuity which guarantees that the Account Value of the annuity will grow by a minimum specified percentage over a period of time.

GMBD  -  GUARANTEED MINIMUM DEATH BENEFIT
A rider, endorsement, or additional feature embedded in, or accompanying a Fixed or Indexed Annuity which guarantees that the annuity Death Benefit payable will be no less than a specified amount.

GMWB  -  GUARANTEED MINIMUM WITHDRAWAL BENEFIT
A type of option that annuitants can purchase for their retirement annuities. This specific option gives annuitants the ability to protect their retirement investments against downside market risk by allowing the annuitant the right to withdraw a maximum percentage of their entire investment each year until the initial investment amount has been recouped


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