A form of annuity contract that is entered into before a selected retirement age, with the consideration paid in installments until that age is reached. It is a form of deferred annuity.
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Generally refers to (1) the amount of reduction in the value of an Insured’s property caused by an Insured peril; (2) the amount sought through an Insured’s claim; or (3) the amount paid on behalf of an Insured under an insurance contract.