________ are arrangements whereby the customer pays an annual premium in exchange for a future stream of annual payments beginning at a set age and continuing until death.

Question

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Annuities are arrangements whereby the customer pays an annual premium in exchange for a future stream of annual payments beginning at a set age and continuing until death. Endowments are similar, but the future payments are guaranteed regardless of whether the customer lives or dies. Term life and dowries are not related to this type of financial arrangement.

________ Are Arrangements Whereby the Customer Pays an Annual Premium