Question #$7$ of $40$

Nathan and his wife Ruth are in the payout phase of a joint$-$and$-$survivor annuity. Nathan dies. Which of the following statements is CORRECT?

A$)$ The benefit payments that were being made to Nathan and Ruth will cease with nothing further payable by the insurer.

B$)$ The benefit payments that were being made to Nathan and Ruth will cease and the remaining value of the annuity will be paid in a lump sum to Ruth.

C$)$ Benefit payments, which do not begin under a joint$-$and$-$survivor annuity until one of the annuitants dies, will now begin to be paid to Ruth.

D$)$ The benefit payments that were being made to Nathan and Ruth will continue to be paid to Ruth until she dies.