Annuities Must Be Purchased Using a Single Lump Sum of Money

question 97

True/False

Annuities must be purchased using a single lump sum of money.

---

Definitions:

Adverse Possession

A legal doctrine allowing a person to claim ownership of land under certain conditions, including continuous possession without the legal owner's permission for a specific period.

Lease

An agreement that constitutes a grant of possession of property for a fixed term in return for the payment of rent.

Crown

represents the state or monarch in its governmental and symbolic functions, especially in Commonwealth countries.

Tenancy

A relationship between parties governed by a lease.