annuitant

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An annuity is a contract that guarantees the payment of money to an annuitant upon certain intervals. Annuities are typically used to provide individuals with long-term economic protection against the risk of outliving their assets.” Lincoln National Life Insurance Co. v. Transamerica Life Insurance Co., 609 F.3d 1364, 1365 (Fed. Cir. 2010) (J. Moore).