Final answer:
An annuity is the contract that involves a series of payments made at specified intervals. Whole life, 20-pay life, and modified whole life are forms of life insurance, which generally provide a death benefit rather than a series of benefit payments like an annuity. so, option B is the correct answer.
Step-by-step explanation:
The contract that requires a series of benefit payments to be made at specific intervals is an annuity. Annuities are financial products sold by insurance companies that are designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time.
An ordinary whole life policy is a type of life insurance that provides coverage for the insured's entire lifetime and includes a savings component. A 20-pay life insurance policy is another type of whole life insurance that is completely paid for in 20 years. Lastly, a modified whole life insurance policy typically has a lower premium for an initial period, and then the premium increases to a higher amount that remains level thereafter.
The contract that requires a series of benefit payments to be made at specific intervals is an Annuity.
Unlike other types of life insurance contracts, an annuity is designed to provide a steady stream of income over a specified period of time or for the lifetime of the annuitant.
For example, a person who purchases an annuity may receive monthly, quarterly, or annual payments for a certain number of years or for as long as they live.