A policy in which if the annuitant dies before the end of the specific time period, the insurer will continue to pay to a contingent beneficiary until the end of the designated period. Also called life income with period certain annuity .

Type of health care program in which the elderly live at home instead of at a centralized location. It resembles a continuing care retirement community (CCRC).

In insurance, the average number of years of life remaining for individuals of a given age according to a particular mortality table. Also called expectation of life .
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UK: The average number of years that a person of a given age may be expected to survive. See MORTALITY TABLE.

Life insurance settlement option in which the insurance company uses the policy proceeds and interest to pay the beneficiary as long as the beneficiary lives.

Life insurance settlement in which the insurance company guarantees to pay the beneficiary for a specific time to continue as long as the original beneficiary lives. If the original beneficiary dies during the guaranteed period, payments are made to a recipient specified by the original beneficiary until the end of the guaranteed period and then all payments cease.

Type of life insurance settlement in which the insurance company guarantees that if the beneficiary dies before the total amount paid under the option equals the proceeds of the policy, then the insurer pays the difference to a contingent payee. Also called refund life income option .

Maximum amount of insurance benefits payable under an insurance policy.