What does Cash Refund Annuity mean? Read on to discover the definition & meaning of the term Cash Refund Annuity - to help you better understand the language used in insurance policies.
Cash Refund Annuity
Provides that, upon the death of an annuitant before payments totaling the purchase price have been made, the excess of the amount paid by the purchaser over the total annuity payments received will be paid in one sum to designated beneficiaries.
We hope the you have a better understanding of the meaning of Cash Refund Annuity.