An annuity contract where if the annuitant dies before receiving an income benefit equal to at least the premiums paid, the beneficiary will receive the difference in installments payments. If the annuitant lives beyond this point, the insurance company will make the income payments for the life of the annuitant and no payments will be made to the beneficiary.
A type of annuity policy which guarantees that, should an annuitant die before receiving payments equal to the amount paid to establish the annuity, the difference will be refunded to the beneficiary in equal installments.
A life income with refund annuity under which the refund is made in the form of a series of payments to the designated beneficiary. See also cash refund annuity.
Promises to continue the periodic payments after the death of the annuitant, until the combined benefits paid to the annuitant and his beneficiary have equaled the purchase price of the annuity.
A refund annuity under which the refund is payable in a series of periodic payments. See also cash refund annuity.
An annuity that assures the continuation of payments to the annuitant for life and thereafter (if necessary) until the annuitant and his or her beneficiary have received total payments equaling no less than the purchase price of the annuity.
An annuity that provides that if the annuitant dies before the total of the annuity payents received at least equals the premiums paid for the annuity, the annuity payments will continue to the beneficiary until the total of the annuity payments equals the premiums.
An annuity in which the un-recovered purchase price is refunded at the annuitantâ€(tm)s death by continuing the regular annuity payments to a beneficiary.
An annuity income option that provides for the funds remaining at the annuitant's death to be paid to the beneficiary in the form of continued annuity payments.