joint and survivor annuity

joint and survivor annuity definition - finance
An annuity for which payments are made for as long as the insured or a designated survivor lives. An annuity is an investment sold by an insurance company that guarantees payments based on a fixed or variable return for a certain time period. The investor in the annuitant purchases it by paying the life insurance company a lump sum.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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