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"
References in periodicals archive ?
First, there is a product that is sometimes called a reversionary annuity.
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.
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.