Match the descriptions with their terms:
-A/An _________________ assures that the purchase price will be recovered regardless of the time of the annuitant's death. If the annuitant dies before the purchase price has been paid out in benefits, then the difference is paid in a single lump-sum distribution.

Question

Quizplus · Accepted Answer

IA cash refund guarantee ensures that if the annuitant dies before recovering the purchase price of the annuity, the remaining amount is refunded in a lump sum. An installment refund guarantee also ensures the annuitant's purchase price is paid out, but through installments rather than a lump sum, if the annuitant dies before the total purchase price has been paid out in benefits.

Match the Descriptions with Their Terms