Lonnie and Betty are co-owners of a deferred annuity. The annuitant is their son, Rex, who is also the contract's beneficiary. They have invested $100,000 into the contract and its current value is $150,000; it also provides for an enhanced death benefit which at this point is equal to $180,000. The contract is annuitant-driven. What happens if Rex dies today?

a. The contract pays out its enhanced death benefit of $180,000 and will terminate.

b. The contract pays out its current value of $150,000 and will terminate.

c. The contract pays out $50,000, the difference between the investment in the contract and the current value, and will terminate.

d. Nothing; Lonnie and Betty will simply name a new annuitant and new beneficiary, and the contract continues.