Final answer:
An (B) annuity is a financial product that liquidates part of an estate through periodic payments.
Step-by-step explanation:
A contract that provides for the liquidation of all or part of an estate through periodic payments is known as an annuity. Annuities are financial products that offer a way to accumulate savings and then convert that accumulated amount into a stream of payments that are received over a period of time.
This distinguishes it from other options such as life insurance, which is primarily a death benefit with a possible cash value component, or group insurance, which provides coverage to a set group of individuals under a single contract. An endowment policy is a life insurance contract designed to pay a lump sum after a specific term or on death.