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refund annuity
noun
Insurance.
- an annuity providing for a lump-sum payment or installment payments to the beneficiary for the amount remaining of the purchase price at the death of the annuitant.
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Example Sentences
Examples have not been reviewed.
One exception is a cash refund annuity, which has a clause that says if the policy holder dies before the annuity payments received equal the annuity payments made, the insurance company will pay the difference to the beneficiary.
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