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Annuity: Classification of Annuities: (8 Marks)
Annuity: Classification of Annuities: (8 Marks)
DEFINITION
A series of payments made at successive periods (intervals) of time is
called an Annuity.
If all the payments are equal, then the annuity may be called a
Level or Uniform annuity, otherwise it may be called a variable annuity.
Classification of Annuities: (8 marks)
Annuity
Life
Annuity Certain
Annuity Annuity
depending on
other
contingencies