Question

If a contract provides a set amount of income for two or more persons with the income stopping upon the first death of the insured, it is called a:_________

Answer 1

If a contract provides a set amount of income for two or more persons with the income stops upon the first death of the insured, it is called a Joint life annuity.

A contract is an agreement between private events creating mutual obligations enforceable by law. The basic factors required for the settlement to be a legally enforceable settlement are mutual assent, expressed by way of a legitimate offer and popularity; good enough consideration; capability; and legality.

The three maximum common settlement sorts consist of fixed-price contracts. cost-plus contracts. Time and substances contract. An instance of the contract is a loan settlement between shoppers and dealers of a vehicle. An example of a contract is a settlement between two human beings to be married.

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