Installment Refund Annuity

Definition of "Installment refund annuity"

Dane Judson CA BRE Lic. #02001050
  Judso Real Estate

Annuity contract. If the annuitant dies before receiving income at least equal to the premiums paid, a beneficiary receives the difference in installments. 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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