Cash Refund Annuity (lump Sum Refund Annuity)

Definition of "Cash refund annuity (lump sum refund annuity)"

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If the annuitant dies before receiving total income at least equal to the premiums paid, the beneficiary receives the difference in a lump sum. If the annuitant lives after the income paid equals the premiums paid, the insurance company continues to make income payments to the annuitant for life.

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