A Promise That Contains a Condition That Must Be Met

question 92

True/False

A promise that contains a condition that must be met before the promise is binding is known as a covenant.

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Definitions:

Annuity Contract

A financial product sold by financial institutions that offers fixed or variable payments to an individual over time, often used for retirement savings.

Deductible IRA Contribution

A contribution to an Individual Retirement Account that can be subtracted from gross income for tax purposes.

Pension Plan

Pension Plan is a type of retirement plan where an employer contributes to a pool of funds set aside for employees' future benefit, distributed upon retirement.

Single Life Annuity Contract

An insurance policy that provides a fixed or variable payment to an annuitant at regular intervals for their lifetime.