Funds available to pay an annuitant who survives longer than statistically expected, from premiums paid by annuitants who died before they had collected amounts equal to their contributions.
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An insurance policy is said to be voidable where circumstances exist that entitle either one of the parties to “avoid the contract”. It is usually the Insurer who finds himself in this position when there has been a breach of ‘utmost good faith’ by the Insured.