Joseph is the owner of a deferred annuity; his wife, Irlene, is the annuitant. The contract is owner-driven. What happens if Irlene dies before Joseph and before the contract annuitizes?

• a. The contract's guaranteed death benefit is paid to Joseph and the contract terminates.
• b. The contract's guaranteed death benefit is paid to Joseph, but he can reinvest the proceeds in the annuity and continue the contract.
• c. There is no effect on the contract; Joseph will name a new annuitant.
• d. The contract's guaranteed death benefit is paid to the beneficiary.