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Also known as a Period Certain Annuity. Fixed Period Annuity is a term used to describe a specific payout option for an Immediate Annuity contract. When an annuity distribution period begins or the annuitization begins, the annuitant can choose distributions over a fixed period of time.
What is a 'Settlement Date' The settlement date is the date on which a trade must be settled and the buyer must make payment. It is also the payment date of benefits from a life insurance policy. The settlement date for stocks and bonds is usually two business days after the trade was executed; for government securities and options, it's the next business day; and in spot foreign exchange it is two business days after the transaction date.