Life · Chapter 6 · Settlement Options
Refund Life Income Option
Definition
Lifetime income with a guarantee that the full original death benefit gets paid out: if the beneficiary dies early, the balance goes to a secondary payee — as continued installments (installment refund) or a lump sum (cash refund).
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms