variable annuity

variable annuity
An annuity under a contract which guarantees the annuitant that upon reaching a specified age he will receive periodic payments, the amount of which is not fixed and has no assured minimum, but will vary according to the success of the investment policy of the company which issues the contract. Securities & Exchange Com. v Variable Annuity Life Ins. Co. 359 US 65, 3 L Ed 2d 640, 79 S Ct 618.

Ballentine's law dictionary. . 1998.

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