that pays periodic income
over the life of an annuitant
, and stops only with his or her death
. Premiums for a pure annuity are deemed
fully earned-as-paid, because they are discounted for the possibility of the annuitant's death during the accumulation period
. A pure annuity cannot be transferred to a beneficiary
other than the annuitant, and no premium
refunds are usually made if the annuitant dies before annuity payments begin.