Cassie,age 62,paid a life insurer $100,000 in exchange for a life annuity.If Cassie dies before receiving 120 monthly payments from the insurer,the remaining payments will be made to a beneficiary.If Cassie dies after receiving 120 payments,no additional payments are made by the insurer.Cassie has purchased a

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Cassie has purchased a life annuity with guaranteed payments, as the contract specifies that if she dies before receiving 120 monthly payments, the remaining payments will be made to a beneficiary. This provides a guaranteed income stream for Cassie and a guaranteed benefit for her beneficiary if she were to pass away early.

Cassie,age 62,paid a Life Insurer $100,000 in Exchange for a Life