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WHAT IS CASH REFUND ANNUITY?
At the death of the annuitant, this type of annuity promises to pay a lump sum of the difference between the purchase price and the amount of payments received by the annuitant. The difference between the installment refund annuity and the cash refund annuity is the method of refund, where installment refund provides payments, cash refund annuity provides a lump sum to the beneficiary.
