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WAEC Commerce 2000 Question 29

Question 29

Insurance

A retirement insurance policy which enables the assured to receive income for a specific period is

  1. A.annuity
  2. B.endowment
  3. C.whole life
  4. D.fidelity guarantee
Show the answer and explanation

Answer: A (annuity)

Explanation

An annuity pays the insured a regular income for a period, usually after retirement.