I came across the statement as lower/higher quoted payout to the annuitant is equivalent to a higher/lower price for the annuity.Please explain.
The basic relationship for an annuity is price/annuity factor = payout. If the annuity factor is high, then the annuity will be “expensive”, i.e. your lump sum buys a lower payout or a given payout will require a higher lump sum.