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An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called:_______

Answer :

Answer: An installment refund annuity.

Step-by-step explanation:

An installment refund annuity is an option offered to the beneficiaries of a person who buys an annuity that allows the beneficiaries to receive a minimum amount of money after the annuitant dies.

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