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Jasmine has deposited $100,000 into a single premium immediate annuity. If Jasmine were to die before receiving $100,000 in payments, the balance of the $100,000 would be paid to her sister. Jasmine has selected the:

A. Life Income Period Certain Option
B. Life Income with Refund Option
C. Life Income Joint and Survivor Option
D. Joint Life Option

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Answer:

(B) Life Income with Refund Option

Explanation:

Life Income with Refund Option is a life insurance settlement option that guarantees a total amount due to the annuitant. If the annuitant dies before the total amount is disbursed, the remaining amount will be paid to the annuitant's beneficiary.

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