Finra Exam Series-6 Topic 1 Question 10 Discussion

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.