Final answer:
Annuities provide scheduled payments, and beneficiaries can choose how the death benefit is paid.
Explanation:
Annuities provide a stream of payments over a specified period of time or until death, usually offered by insurance companies or financial institutions.
Beneficiaries of a deferred annuity contract have the right to stipulate the settlement option under which a death benefit is paid, giving them the choice of how the death benefit from the annuity is distributed.
Unlike canceling the contract, changing the annuitant's identity, or receiving funds at any time, the right to stipulate the settlement option for the death benefit is a key feature of annuity contracts.
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