Installment refund option

Installment refund option,

Definition of Installment refund option:

  1. An option within an annuity that converts the annuity to a installment refund annuity. After choosing this option, the annuity will continue to pay benefits, even if the person covered by the annuity is deceased, until the price paid for the annuity has been paid out.

Meaning of Installment refund option & Installment refund option Definition