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Survivorship benefit
When an annuitant passes away, the remaining funds from their annuity become available for distribution to the living annuitants. This is known as the death benefit. It is an important aspect of annuities as it can provide additional income for those who are still receiving payments. Understanding this concept is crucial for those in the world of finance as it can impact financial planning and decision making. So, it is essential to have a thorough understanding of the death benefit and its implications in the world of annuities.
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