What does Last Survivor Annuity mean? Read on to discover the definition & meaning of the term Last Survivor Annuity - to help you better understand the language used in insurance policies.
Last Survivor Annuity
Type of joint annuity in which the amounts received by the individual beneficiaries keeps on increasing as their number decreases. The payments stop with the death of the last survivor. Also called tontine annuity.
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