Compensation Glossary

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Single Premium Immediate Lifetime Annuity (SPIA)

A contract with an insurance company whereby you pay them a onetime lump sum of money up front (known as a premium), and they promise to pay you a certain amount of money periodically (monthly, for instance) for the rest of your life.
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Single Premium Deferred Annuity (SPDA)

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Single-Premium Method

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