What is the Definition of Life Income With Refund Annuity?

What is the Definition of Life Income With Refund Annuity?

A type of annuity contract that guarantees specified periodic income payments throughout the lifetime of a named individual—the annuitant—and guarantees that a refund will be made if the annuitant dies before the total of the periodic payments made equals the amount paid for the annuity. Also known as refund annuity. (See Life annuity)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Life Income With Refund Annuity?

What is the Definition of Life Income With Refund Annuity?

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Meaning of Directors And Officers Liability  Insurance/D&O in Insurance Terms

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