joint life annuity

noun Insurance.
an annuity, the payments of which cease at the death of the first of two or more specified persons.
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Example sentences
Joint life annuity with cash refund, and the participant dies before the joint life annuitant.
Joint life annuity with cash refund, and the joint life annuitant dies before the participant.
Joint life annuity but the joint life annuitant dies before the participant.
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