Florida Life and Health Insurance License Practice Test

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Which type of annuity is purchased by P to receive retirement payments after 15 years of funding?

  1. Immediate

  2. Deferred

  3. Variable

  4. Fixed

The correct answer is: Deferred

A Deferred annuity is the only type of annuity that allows for funding over a period of time before receiving retirement payments. Other options like Immediate, Variable, and Fixed annuities do not have a funding period and the payments begin immediately, have variable payment amounts, or have a fixed payment amount, respectively. Therefore, B is the correct answer as it aligns with the given context of receiving retirement payments after 15 years of funding.

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