reversionary annuity

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Noun1.reversionary annuity - an annuity payable to one person in the event that someone else is unable to receive it
annuity, rente - income from capital investment paid in a series of regular payments; "his retirement fund was set up to be paid as an annuity"
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
First, there is a product that is sometimes called a reversionary annuity. It is like ordinary life insurance except there is no lump sum payment.
A reversionary annuity can be the solution for impaired risk as well as standard risk cases.
We also note that in the section "Numerical Specification" we are able to interpret the optimal consumption decision rule as choosing consumption such that total wealth provides a reversionary annuity. This suggests the matter can be resolved by resorting to the theory of ordered deaths (Bowers et al., 1997, chap.
On a more technical level Clark defines types of early insurance--contributorships, mortuary tontines, premium insurance and reversionary annuity companies--and chronicles the growth of such landmark businesses as the Royal Exchange Assurance Corporation and London Assurance Corporation at the beginning of the eighteenth century, the Equitable Society of mid-century and the Westminster and Pelican which appeared at century's end.
Stalwart Assurance attempts to avoid this by offering a reversionary annuity home income plan, which does not involve a mortgage.