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joint and last survivor annuity

American  

noun

Insurance.

  1. an annuity payable until the death of the last of two or more designated persons, though sometimes with reduced amounts after the first such person dies.

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023

Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.

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