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When a person buys an annuity, a life contingency allows the beneficiary to receive a payout if the person dies while they are still paying into the plan.
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∙ 9y ago
Life contingency refers to the probability of certain events occurring during a person's lifetime, such as death or survival to a specific age. It is often used in actuarial science and insurance to calculate the likelihood and impact of such events on financial planning and risk management.
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