Refund Annuity

Legal Definition and Related Resources of Refund Annuity

Meaning 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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Legal Abbreviations and Acronyms

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Simple Annuity.






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