Cash Refund Annuity (lump Sum Refund Annuity)

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

Michael Penrod real estate agent

Written by

Michael Penrodelite badge icon

RE/MAX PREFERRED CHOICE

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Fee that is most consistent with that of physicians, hospitals, or other health providers for a given procedure; usual fee for a procedure charged by the majority of physicians with similar ...

Life insurance and long-term disability income insurance on major employees, with benefits payable to the business. Key person insurance has these advantages: enhances the ability of the ...

Clause in a reinsurance policy that excludes the reinsurer's liability for losses occurring after a stipulated date. ...

Maintenance of Social Security benefits at current dollar or percentage levels. Social Security benefits are indexed to the Consumer Price Index and rise in tandem with the Index. A benefit ...

Document setting out the responsibilities of a borrower, such as a corporation issuing bonds, and the powers of a trustee who will be looking after the interests of the bondholders. ...

Covers all employees of a business on a blanket basis with the maximum limit of coverage applied separately to each employee guilty of a crime. ...

Same as term Fair access to Insurance Requirements: insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances ...

Confirmation by an insurance company of the acts of its agent, regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ...

Policy that pays benefits to an insured who becomes ill or injured, provided that documentation is offered to confirm the illness or injury. ...

Popular Insurance Questions