Thomas purchases a term annuity from Big Rock insurance company that names his brother Horatio as the beneficiary. The annuity pays Thomas a fixed amount for the next 10 years. Thomas meets with his insurance agent, Sandy, because he is considering making some changes to the annuity if possible. Which of the following changes would Thomas be eligible to make to his annuity? 

a) surrender his contract and receive a lump sum of the remaining capital 

b) change the beneficiary to his sister Jory 

c) reduce the payment amount and extend the payout term 

d) increase the payment amount and reduce the payout term