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.