Under which of the following does the insurer promise to pay the insured a fixed yearly amount,as guaranteed income,after the insured attains a specified age?

Question

Quizplus · Accepted Answer

Annuity contracts promise to pay the insured a fixed yearly amount, as guaranteed income, after the insured attains a specified age. A straight life policy provides a death benefit only, while a whole life policy combines a death benefit with a savings component. A universal life policy provides flexible premiums and death benefits, and can also have a savings component, but does not necessarily promise a fixed yearly income after a specified age.

Under Which of the Following Does the Insurer Promise to Pay