Provisions for additional or return premium do not, in and of themselves, render a contract something other than insurance. However, it should be unlikely that either a return or additional exceptional provision be triggered, and neither party should have discretion regarding the timing of such triggering.
* Life major medical provides a monetary benefit to a decedent's brethren or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life guarantee policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
o Annuities provide a stream of payments and are generally classified as indemnity because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise Hole In One Insurance that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.