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English definition of “joint annuity”

joint annuity

noun [C]    
FINANCE a type of annuity (= a fixed amount of money paid to someone every year) in which money is paid to two people, usually a husband or wife, while both are still alive, and to one person after the death of the other: The annuity rate remains unchanged for all male, female, and joint annuities.
(Definition of joint annuity noun from the Cambridge Business English Dictionary © Cambridge University Press)
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