Final answer:
A credit union is a depository institution that accepts deposits and provides loans within a member-owned nonprofit framework, distinguishing it from others such as life insurance companies, pension funds, and mutual funds.
Step-by-step explanation:
Among the options provided, B) A credit union is a depository institution. A credit union is a nonprofit financial institution that is owned and run by its members. It serves a specific group of individuals who may be part of a certain community, employment group, or organization. Like banks and savings institutions, credit unions receive deposits from members and use these funds to make loans back to their members. They differ from banks and savings institutions because they are nonprofit entities, but they perform similar financial deposit and lending functions, making them part of the family of depository institutions.