An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments?

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An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments?

a) 1 month
b) 6 months
c) 12 months
d) 24 months

Answer: a) 1 month

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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