Settlement option paying equal installments for a set time, regardless of interest earned:

The correct choice, which is the option that describes a settlement option paying equal installments for a set time regardless of interest earned, is indeed the Fixed Period option. This settlement option allows the beneficiary to receive a predetermined amount of money at regular intervals over a specified duration. This means the payments are not influenced by changes in interest rates; they remain constant until the end of the designated period.

This can be particularly appealing to beneficiaries who want predictable financial support for a specific timeframe. After the fixed period ends, the payments cease, regardless of whether the original policy amount has been completely exhausted or not.

In contrast, other options differ in their structures. The Fixed Amount option guarantees a specific payment amount until the proceeds are exhausted, potentially varying in the time it takes to deplete the funds, depending on how quickly the policy's value diminishes. The Interest Only option would pay interest on the policy amount for a predetermined time, but the principal amount would remain intact to be paid later. Lastly, the Life Income option provides payments for the lifetime of the beneficiary, which can vary in amount based on the beneficiary's life expectancy but does not adhere to a fixed term.

Thus, the Fixed Period is uniquely characterized by its equal payments over a specific time