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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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