Cash refund annuity

{
  "id": "MLC-T-INS-000700",
  "term": "Cash refund annuity",
  "field": "Insurance and risk management",
  "definition": "An annuity contract that provides periodic payments for the annuitant's entire life. If the annuitant dies before receiving total payments at least equal to the premium paid, the insurer pays the difference to a designated beneficiary as a single lump-sum payment. This feature guarantees that the total payout will be no less than the original amount invested, distinguishing it from a life-only annuity where payments cease at death regardless of the amount paid out.",
  "url": "https://mlchart.com/terminology/insurance/cash-refund-annuity/"
}