pure annuity
Definition
Annuity 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.
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