Answer:
A fixed annuity is an insurance contract that pays a guaranteed rate of interest on the owner's contributions and later provides a guaranteed income
Explanation:A fixed annuity is an insurance contract that pays a guaranteed rate of interest on the owner's contributions and later provides a guaranteed income
The insurance firm sets the rates for current interest rates that are announced and credited to traditional fixed annuities.
An annuity is a flexible contract offered by an insurance firm that converts an investor's premiums into a steady source of income.
The future annuity payments are determined by the sort of annuity that a person choose.
The current interest rates are determined by the insurance companies. The issuing insurance company sets these rates at its discretion.
Therefore, an annuity is the series of payment and receipts that a person paid or received in installments.
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