An annual payment which an insurer guarantees to pay for lump sum money received in the beginning is called ………….

Question

Quizplus · Accepted Answer

An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees. It is purchased with a lump sum upfront and in return, the insurer guarantees to make payments to the individual either immediately or at some future date.

An Annual Payment Which an Insurer Guarantees to Pay for Lump