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      Question

      An insurance product that pays out income to the holder

      at specified intervals usually after retirement is known as?
      A Paid Up Correct Answer Incorrect Answer
      B Annuity Correct Answer Incorrect Answer
      C Premium Correct Answer Incorrect Answer
      D Claim Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      It's the specified amount of payment required periodically by an insurer to provide coverage under a given insurance plan for a defined period of time. The premium compensates the insurer for bearing the risk of a pay-out should an event occur that triggers coverage.

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