A(n)__________ Is a Contract to Make Regular Payments to a Person

question 7

Multiple Choice

A(n) __________ is a contract to make regular payments to a person for life or for a fixed period.

• A) Income stream
• B) Annuity
• C) Allowance
• D) Pension stream

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Definitions:

Insolvency

Refers to the financial condition where an entity can not meet its debt obligations as they come due.

Consecutive Years

Years that follow one after another without interruption.

Involuntary Bankruptcy

A legal process initiated by creditors to force a debtor into bankruptcy proceedings, in order to recoup debts owed by liquidating the debtor's assets.

Nonprofit Organizations

Organizations that operate for charitable, educational, cultural, scientific, or social welfare purposes rather than for profit.