Joint and Survivorship Option
An option in a life insurance contract that permits the cash value of the policy to be paid out as a joint and survivorship annuity. Under this option, two beneficiaries receive the proceeds of a life insurance policy. When the first beneficiary dies, the second beneficiary (if he or she is still living) continues to receive the proceeds of the policy, in installments, for his or her lifetime (or for a specified period). See also Joint and Survivorship Annuity.
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