reversionary annuity

noun Insurance.
an annuity payable to a beneficiary during the period of time he or she survives the insured.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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WordNet
reversionary annuity

noun
an annuity payable to one person in the event that someone else is unable to receive it 
WordNet® 3.0, © 2006 by Princeton University.
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Example sentences
Adjustment of retirement annuity under reversionary annuity option.
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