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Refund Feature

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Refund Feature
An annuity has a refund feature if the annuitant and/or his or her survivors are guaranteed to receive an amount under the annuity at least eqaul to the amount paid for the annuity.


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In addition, there was a refund feature associated with the contribution.
The policies can include a premium refund feature that guarantees premiums won't be wasted if long-term care is never needed.
Accordingly, this refund feature also should be disregarded in determining whether a transfer has occurred.
 
 
 
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