refund annuity

refund annuity definition - business

refund annuity

An annuity that provides fixed payments as long as the annuitant lives, and that guarantees repayment of the amount paid in. If the annuitant dies before receiving the amount paid in for the annuity, the balance is paid to the beneficiary.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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