reversionary annuity

American  

[ri-vur-zhuh-ner-ee uh-noo-i-tee, uh-nyoo-, -shuh-ner-ee] / rɪˈvɜr ʒəˌnɛr i əˈnu ɪ ti, əˈnyu-, -ʃəˌnɛr i /

noun

Insurance.

1. an annuity payable to a beneficiary during the period of time they survive the insured.

---

Etymology

Origin of reversionary annuity

First recorded in 1760–70

Example Sentences

When the first payment is due in advance, the annuity is known as an Annuity due; when the first payment is not to be made until the expiry of a certain number of years, it is called a Deferred or Reversionary annuity.

From Project Gutenberg

Payment was thus arranged—L5000 on the death of the father of the former, and L10,000 secured by a reversionary annuity, to commence on the father's decease, on the life of the Duc de Pienne, between whom and B— a previous gaming account existed.

From Project Gutenberg