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State governments are the primary regulators of annuities. Insurance departments in each state oversee the licensing of agents, the setting of policy and the financial stability of insurance ...
A deferred annuity that permits allocations to stock or bond funds and for which the account value is not guaranteed to stay above the initial amount invested is called a variable annuity (VA). A new category of deferred annuity, called the fixed indexed annuity (FIA) emerged in 1995 (originally called an Equity-Indexed Annuity). [5]
Annuity contracts are protected against insurance company insolvency up to a specific dollar limit, often $100,000, but as high as $500,000 in New York, [6] New Jersey, [7] and the state of Washington. [8] California is the only state that has a limit less than 100%; the limit is 80% up to $300,000. [9] This protection is not insurance.
Each state guaranty association is governed by state law; most associations cover up to at least $300,000 for life insurance death benefits, $100,000 in cash surrender value for life insurance, $250,000 in withdrawal and cash values for annuities, and up to $500,000 in health insurance policy benefits (depending on the type of health insurance ...
Fixed annuities guarantee you earnings at a minimum interest rate and a fixed amount of payments over a specified amount of time. They are regulated by state insurance commissioners.
Fixed annuities are considered the safest type of annuity because their returns are tied to a specific rate, usually the prevailing interest rate, and they offer a guaranteed minimum payout ...
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