Legal Definition and Related Resources of Refund Annuity

One in which the insurance company agrees to pay an income for the life of the annuitant , in return for which the purchaser of the annuity pays a single premium ; if the purchaser dies before the entire principal plus interest has been paid in the form of income, then the unused part of the principal is refunded to a designated beneficiary . See People v Schallerer, 12 Ill.2d 240, 146 N.E.2d585.

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Refund Annuity in Historical Law

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Simple Annuity.