Joint and survivorship annuity

{
  "id": "MLC-T-INS-001927",
  "term": "Joint and survivorship annuity",
  "field": "Insurance and risk management",
  "definition": "An annuity contract that provides regular income payments to two individuals, continuing as long as either person is alive. Upon the death of the first annuitant, the contract continues to make payments to the surviving annuitant for the remainder of their life. The payment to the survivor may be the same as the original amount or a predetermined reduced percentage, such as 50% or 75%.",
  "url": "https://mlchart.com/terminology/insurance/joint-and-survivorship-annuity/"
}