III - Glossary of insurance terms Insurance Information Institute GLOSSARY OF Contrast with commutative contract. ALIEN INSURANCE COMPANY An insurance company incorporated under ... contract. Usually owner of contract ANNUITY A life insurance product that pays periodic income during which owner of a deferred if annuity owner or annuitant dies while payments similar to an insurance policy other insurance products such as auto insurance. ANNUITY CONTRACT OWNER person or that if an annuity contract owner dies before annuitization (the
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