Cash Refund Annuity (lump Sum Refund Annuity)
Definition of "Cash refund annuity (lump sum refund annuity)"
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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