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Meaning of refund annuity

re'fund annu"ity

Pronunciation: [key]
— Insurance. Insurance.
  1. an annuity providing for a lump-sum payment or installment payments to the beneficiary for the amount remaining of the purchase price at the death of the annuitant.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.