Annuities

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Refund Annuity.

A form of annuity that provides for a cash or installment refund to the beneficiary if the annuitant dies before having drawn benefits equal to the total consideration that he paid on the policy.

Reversionary Annuity (or Insurance).

A contract providing annuity benefits only if the annuitant is living upon the death of the insured, such as the wife upon the death of her husband. Although labeled an annuity, this contract is actually a form of Life Insurance on the life of the person whose death will initiate the benefit.