Just call us Bond. Amortized bond.
Over 700 finance terms, Shmooped to perfection.
If you have an annuity, you are expected to hold onto it for a specific period of time—usually seven years. That's the surrender period.
Withdrawing before the end of the surrender period will mean you have to pay extra fees and costs. (Is it just us, or is that the ending to every finance definition on the planet?)