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.

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Etymology

Origin of reversionary annuity

First recorded in 1760–70