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A policy in which payment to the annuitant begins five years after the policy has commenced is called annuity.?
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∙ 16y ago
a. Deferred b. Certain c. immediate d. five year a. Deferred b. Certain c. immediate d. five year?
Wiki User
∙ 16y ago
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What are annuities?
There can be a few different definitions but in short as it applies to insurance or financial services: = Two Main Annuity Types: Immediate and Deferred = The difference between deferred and immediate annuities is just about what you'd think. With an Immediate Annuity your income payments start right away (technically, anytime within 12 months of purchase). You choose whether you want income guaranteed for a specific number of years or for your lifetime. The insurance company calculates the amount of each income payment based on your purchase amount and your life expectancy. A deferred annuity has two phases: the accumulation phase, where you let your money grow for a while, and the payout phase. During accumulation, your money grows tax-deferred until you take it out, either as a lump sum or as a series of payments. You decide when to take income from your annuity and therefore, when to pay the taxes. Gaining increased control over your taxes is one of the key benefits of annuities. The payout phase begins when you decide to take income from your annuity. For most people, this is during retirement. As your needs dictate, you can take partial withdrawals, completely cash-out (surrender) your annuity, or convert your deferred annuity into a stream of income payments (annuitization). This last option is essentially the same as buying an immediate annuity.
What is the name of a financial product offered by insurance companies to which a person makes contributions and from which the person immediately or later begins receiving payments?
An annuity.
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A policy in which payment to the annuitant begins five years after the policy has commenced is called annuity?
a. Deferred b. Certain c. immediate d. five year a. Deferred b. Certain c. immediate d. five year?
IRDA Agent Licensing -- Sample Test papers?
a policy in which the payments to the annuitant begins 5 years after the policy has commenced is called
What is an immediate annuity rate?
An immediate annuity is an annuity that begins making payments to you shortly after you deposit your money. The rate of interest you earn on this depends on age, payment options, and other factors.
When does interest begins compounding in an ordinary annuity?
At the end of the second period
What are annuities?
There can be a few different definitions but in short as it applies to insurance or financial services: = Two Main Annuity Types: Immediate and Deferred = The difference between deferred and immediate annuities is just about what you'd think. With an Immediate Annuity your income payments start right away (technically, anytime within 12 months of purchase). You choose whether you want income guaranteed for a specific number of years or for your lifetime. The insurance company calculates the amount of each income payment based on your purchase amount and your life expectancy. A deferred annuity has two phases: the accumulation phase, where you let your money grow for a while, and the payout phase. During accumulation, your money grows tax-deferred until you take it out, either as a lump sum or as a series of payments. You decide when to take income from your annuity and therefore, when to pay the taxes. Gaining increased control over your taxes is one of the key benefits of annuities. The payout phase begins when you decide to take income from your annuity. For most people, this is during retirement. As your needs dictate, you can take partial withdrawals, completely cash-out (surrender) your annuity, or convert your deferred annuity into a stream of income payments (annuitization). This last option is essentially the same as buying an immediate annuity.
What is the name of a financial product offered by insurance companies to which a person makes contributions and from which the person immediately or later begins receiving payments?
An annuity.
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Overdue payment is a business word. It begins with the letter O.
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Understanding Fixed Immediate Annuities?
Annuities are a type of financial contract where an individual gives a bank or other institution money that is deposited into an account and sometimes invested. At some point the person who is paying into the annuity can stop depositing money and will instead start receiving money from the account each month. A fixed annuity is a contract that guarantees a person will receive a fixed amount of money every month for a certain period of time or for the rest of his or her life. A fixed immediate annuity begins paying the policy holder as soon as a single premium payment is made. The premium that is paid on a fixed immediate annuity is usually a very large sum of money. The fixed monthly payments start a few weeks after the premium has been received. The money that is in the annuity that has not been paid out can be invested and can gain interest slowly over the course of the policy. The payments can be made for a set period of time such as 20 years or they can be indefinite up until the death of the policy holder. Many people use a fixed immediate annuity to distribute personal savings over the course of many years after retirement. This is done because the money that is distributed from the annuity is not taxable. Only the interest that the money earns is taxable. This is presents a very favorable tax situation that is superior to some other types of retirement accounts. The tradeoff for this tax incentive is that the money is not available beyond what is paid out each month. Individuals that do attempt to withdraw all of the money in an annuity at once usually face high fees, penalties and taxes. The actual payments that are made to a policy holder are guaranteed by the bank or institution that is distributing the money. This is true even if the money from the annuity is lost in an investment. Alternately, money that remains in an annuity beyond the value of the original premium that was paid can be absorbed by the bank when the policy ends or when the policy holder dies.
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What is the statute of limitations on a bad check in the State of Rhode Island?
§ 6A-3-118 Statute of limitations. - (a) Except as provided in subsection (e), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated in the note or, if a due date is accelerated, within six years after the accelerated due date. (b) Except as provided in subsection (d) or (e), if demand for payment is made to the maker of a note payable on demand, an action to enforce the obligation of a party to pay the note must be commenced within six years after the demand. If no demand for payment is made to the maker, an action to enforce the note is barred if neither principal nor interest on the note has been paid for a continuous period of 10 years. (c) Except as provided in subsection (d), an action to enforce the obligation of a party to an unaccepted draft to pay the draft must be commenced within three years after dishonor of the draft or 10 years after the date of the draft, whichever period expires first. (d) An action to enforce the obligation of the acceptor of a certified check or the issuer of a teller's check, cashier's check, or traveler's check must be commenced within three years after demand for payment is made to the acceptor or issuer, as the case may be. (e) An action to enforce the obligation of a party to a certificate of deposit to pay the instrument must be commenced within six years after demand for payment is made to the maker, but if the instrument states a due date and the maker is not required to pay before that date, the six-year period begins when a demand for payment is in effect and the due date has passed. (f) An action to enforce the obligation of a party to pay an accepted draft, other than a certified check, must be commenced (i) within six years after the due date or dates stated in the draft or acceptance if the obligation of the acceptor is payable at a definite time, or (ii) within six years after the date of the acceptance if the obligation of the acceptor is payable on demand. (g) Unless governed by other law regarding claims for indemnity or contribution, an action (i) for conversion of an instrument, for money had and received, or like action based on conversion, (ii) for breach of warranty, or (iii) to enforce an obligation, duty, or right arising under this chapter and not governed by this section must be commenced within three years after the cause of action accrues.
