A settlement option associated with a variable life policy in which the insurance company guarantees that the beneficiary will receive equal payments over a specific length of time is known as a:

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A settlement option associated with a variable life policy in which the insurance
company guarantees that the beneficiary will receive equal payments over a specific length of time is known as a fixed-period settlement. The amount that will be paid is uncertain, but the payments will continue for the period specified. With a life-income settlement option, the beneficiary will receive guaranteed payments for the rest of his life, but "the rest of his life" is not a specific length of time.

A Settlement Option Associated with a Variable Life Policy in Which