joint and survivor annuity

joint and survivor annuity definition - business

joint and survivor annuity

An annuity that pays a lifetime income to the annuitant and to another person, generally a spouse. The payments may be scheduled to decrease at the death of either recipient. Also called joint life annuity. Compare single-life annuity.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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