Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are permitted and the income stream begins in 15 years. This contract is a(n)

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03-12-2021
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Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are permitted and the income stream begins in 15 years. This contract is a(n)

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Tundexi Tundexi · Answer 1 · 2021-12-10T12:13:10+01:00

The type of annuity contract purchased by Sylvia is known as Deferred annuity.

Basically, an annuity is a contract which promises to pay someone a guaranteed stream of income for a specific and regular period in return for a lump sum of money.

The type of contract of annuity purchased by Sylvia is known as Deferred annuity.

Deferred annuity refers to an annuity whereby the company promises to pay the owner a regular income in return for the lump sum starting at some future date.

Hence, the type of annuity contract is known as Deferred annuity.