Glossary

The account value is the contractually defined current value of a deferred annuity, used as the reference for surrender, withdrawal, and benefit calculations; in many product types the account value and the accumulation value are equivalent terms, while in some contract structures the two refer to distinct contractually defined amounts. Why it matters The account value is the operative reference figure for most contract calculations on a deferred annuity. Reading the contract for

The accumulation phase is the period of a deferred annuity contract during which premium is held and credited under the contract's rules, prior to annuitization or the commencement of income payments, with the contract's accumulation value evolving under the contract's crediting and charge mechanisms. Why it matters The accumulation phase is the period over which a deferred annuity's value evolves toward the eventual income decision. Naming it directly distinguishes it from the di

The accumulation value is the contractually defined value of a deferred annuity at any point during the accumulation phase, calculated under the contract's specified rules — including credited interest, index-linked credits, premium additions, withdrawals, and contract charges — and used as the reference value for calculating surrender values, free withdrawal allowances, and other contract amounts. Why it matters The accumulation value is the running ledger of a deferred annuity c