GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract is known as ____
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Adjuster
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Aggregate
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Beneficiary
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Service Provider
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Explanation:
Detailed explanation-1: -An annuitant is an individual whose life expectancy is used as for determining the amount and timing when benefits payments will start and cease. In most cases, though not all, the owner and annuitant will be the same person.
Detailed explanation-2: -In an annuity, payouts are made to the policy holder after he or she has paid a certain number of premiums. These premiums can be paid either in lump sum or in monthly installments. These payouts are useful as they provide a source of income when one retires or stops having a regular income.
Detailed explanation-3: -The beneficiary is the individual who inherits the annuity and receives the payout should the owner die.
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