Meaning of joint and last survivor annuity

joint' and last' survi'vor annu"ity

Pronunciation: [key]
— Insurance. Insurance.
  1. an annuity payable until the death of the last of two or more designated persons, though sometimes with reduced amounts after the first such person dies.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.