Refund annuity

{
  "id": "MLC-T-INS-002828",
  "term": "Refund annuity",
  "field": "Insurance and risk management",
  "definition": "An annuity contract that guarantees the return of the annuitant's principal investment, or a portion thereof, to beneficiaries if the annuitant dies before receiving payments equal to the purchase price. If the annuitant passes away prematurely, the remaining balance of the initial premium, less any payments already made, is paid out as a lump sum or continued installments to a designated beneficiary. This feature provides a safeguard against the loss of the entire principal due to early death.",
  "url": "https://mlchart.com/terminology/insurance/refund-annuity/"
}