Which settlement option provides a stated amount to an annuitant without a residual value to a beneficiary?

The option that provides a stated amount to an annuitant without a residual value to a beneficiary is the life income option. This settlement choice guarantees income payments to the annuitant for their lifetime, ensuring they receive funds as long as they are alive. However, once the annuitant passes away, there are no remaining payments to be made to the beneficiary; thus, the payments cease at the death of the annuitant, and there is no residual value left.

In contrast, the installment refund option allows for payments to continue to a beneficiary if the annuitant dies before receiving a specified amount, ensuring that at least that amount is returned. The joint and survivor option provides payments to two annuitants, typically a married couple, where payments can continue until both parties are deceased. The fixed period option guarantees payments for a specific period, and if the annuitant dies, payments may continue to a successor within that guaranteed period. Therefore, the life income option is unique in providing a payout specifically tied to the life of the annuitant without leaving anything to a beneficiary after their death.