Survivorship annuity

Survivorship annuity,

Definition of Survivorship annuity:

  1. Life insurance annuity in which the annuitys beneficiary (who is different from the insured) is paid a monthly sum over his or her life, on the death of the insured. If the beneficiary dies before the insured, no sum is paid.

Meaning of Survivorship annuity & Survivorship annuity Definition