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periodic purchase deferred contract

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Periodic purchase deferred contract
A fixed or variable annuity contract for which fixed-amount premiums are paid either monthly or quarterly, and that does not begin paying out until a time elected by the annuitant.

periodic purchase deferred contract
A deferred annuity purchased with a series of premium payments. For example, an individual might obtain a lifetime monthly income by making annual premium payments to an insurance company prior to retirement. Compare single-premium deferred annuity.

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