Account Value Step-up
The act of resetting the Benefit Base to the current account value if the account value is higher. 

Benefit Base
The basis for the calculation of the Guaranteed Withdrawal Amount.

also known as:    Guaranteed Withdrawal Balance (GWB), Payment Base (PB), or Income Calculation Base

Bonus Base
An amount that can be tracked independently and used as the basis of the bonus calculation.

Deferral Phase
The period of time that the Benefit Base is allowed to accumulate.

also known as:     Accumulation Phase, Waiting Period

Distribution Factor
The factor that is applied to the Benefit Base to determine the Guaranteed Withdrawal Amount.

also known as:     Weighted Average Distribution Factor, Withdrawal Percentage (WDP)

Excess Withdrawal
The amount of a withdrawal that is in excess of the Guaranteed Withdrawal Amount.

also known as:     Non-Guaranteed Withdrawal

Guaranteed Minimum Withdrawal Benefit (GMWB)
A benefit that guarantees a stream of income payments to an owner or annuitant, regardless of the contract account value.

also known as:     Guaranteed Lifetime Withdrawal Benefit (GLWB), Guaranteed Lifetime Income Annuity (GLIA), Guaranteed Lifetime Income Rider

Guaranteed Payment Phase (GPP)
The period of time that the Guaranteed Withdrawal Amount is still being distributed even though the contract account value has reached zero.

also known as:     Guaranteed Phase

Guaranteed Withdrawal Amount (GWA)
The amount determined under a GMWB rider that is guaranteed to be available for withdrawal each year, regardless of the contract account value.

also known as:     Lifetime Annualized Income (LAI), Guaranteed Annualized Withdrawal (GAW), Lifetime Payment Amount (LPA), Guaranteed Annual Withdrawal Amount (GAWA), Lifetime Withdrawal Benefit Amount (LWBA), Guaranteed Withdrawal Payment

Inactive Phase
The portion of the lifetime of the GMWB riders where GMWB values are not being tracked, additional charges are not incurred and guarantees are not set.  Typically this is the time that the owner / annuitant is below the minimum issue age for the rider.

Lifetime GWA
The Guaranteed Withdrawal Amount that is available under a lifetime GMWB rider.

Maximum Anniversary Value (MAV)
An amount that can be used to independently track the result of Account Value Step-up.  This value can be compared to Premium Roll-up Amount when determining the Benefit Base.

also known as:     Maximum Anniversary Policy Value, Step-up Base

Premium Roll-up
The act of calculating interest and adding it to the accumulated premium payments.

Premium Roll-up Amount (PRU)
An amount that can be used to independently track the result of Premium Roll-up.  This value can be compared to Maximum Anniversary Value when determining the Benefit Base.

also known as:     Bonus Base, Premium Accumulation Value

Remaining Amount
A separate amount that can be used to track a death benefit in the event of the death of the owner or annuitant.

also known as:     Remaining Balance

Rider Charge Base
An amount that can be tracked independently and used as the basis of the rider charge calculation. 

RMD-Friendly Amount
The amount that can be taken pursuant to required minimum distribution (RMD) regulations that will not result in an excess withdrawal and a reduction of the Guaranteed Withdrawal Amount.

also known as:     Maximum Amount (MA)

Term GWA
The Guaranteed Withdrawal Amount that is available under a limited term GMWB rider.

Withdrawal Phase
The period of time that the Guaranteed Withdrawal Amount is established and allowed to be withdrawn from the account value.

also known as:     Withdrawal Period