reversion

Concise Oxford English Dictionary © 2008 Oxford University Press:
reversion /rɪˈvəːʃ(ə)n/

▶noun

• 1 a return to a previous state, practice, or belief.

  ■ Biology the action of reverting to a former or ancestral type.

• 2 Law the right to possess or succeed to property on the death of the present possessor or at the end of a lease.

  ■ a property to which someone has such a right.

• 3 a sum payable on a person's death, especially by way of life insurance.

– derivatives
reversionary adjective.