Agnes and Mary Clare, two elderly sisters, own an annuity covering bot
Agnes and Mary Clare, two elderly sisters, own an annuity covering both of their lives. The annuity pays benefits to them until the first sister dies, then the annuity terminates. Agnes and Mary Clare own a(n)
A) flexible premium annuity.
B) joint life annuity.
C) longevity annuity.
D) joint-and-survivor annuity.
ANSWER
Answer: B
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