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Life income option with period certain
A
life insurance settlement option in which the insurer
guarantees to pay the beneficiary a series of equal
payments for a designated period, such as 10 years;
thereafter, the payments will continue only as long
as the original beneficiary lives. If the original
beneficiary dies during the guaranteed period, payments
will be made to a recipient designated by the original
beneficiary until the end of the guaranteed period,
at which time all payments will stop. |
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