a feature of certain
debt instruments that allow for the estate of a deceased investor to «put back» or redeem that instrument without penalty; bonds that carry a survivor's option usually redeem for par value when the survivor's option is exercised; in either case the benefit of the survivor's option can not be realized unless the original investor in the asset has died; because investor mortality risk must be taken into
account when underwriting assets that carry a survivor's option, these assets are more
complex and expensive to issue; also known as a «death put»