Usually means: Ability to return funds received.
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We found 5 dictionaries that define the word refundability:

General (5 matching dictionaries)
  1. refundability: Merriam-Webster
  2. refundability: Collins English Dictionary
  3. refundability: Wordnik
  4. refundability: Wiktionary
  5. refundability: Dictionary.com

(Note: See refund as well.)

Definitions from Wiktionary (refundability)

noun:  The quality of being refundable.

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