A form of annuity contract which provides that, if at the death of the annuitant installments paid to him have not totaled the amount of the premium paid for the annuity, the difference will be paid to a designated beneficiary in a lump sum.
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Money paid to a ship owner in compensation for delay of a vessel beyond the period allowed in a charter party when loading or discharging. In marine insurance the term is used to denote any loss of hire period incurred by the ship owner.