Which of the following settlement options does NOT involve a life contingency?

The period certain-only option is a settlement option that does not involve a life contingency because it guarantees payments for a specified period of time, regardless of whether the insured is alive or deceased. This option assures that the beneficiary will receive a predetermined number of payments over a defined time frame (for example, 10 or 20 years).

In contrast, the other options—such as the life income option, joint and survivor option, and life annuity option—are contingent upon the life of the annuitant or living individuals involved in the contract. For instance, the life income option pays out as long as the annuitant is alive, and the joint and survivor option continues to provide income until both individuals in the arrangement have passed away, making these options dependent on life expectancy and therefore life contingencies. The life annuity option also hinges on the annuitant's lifetime, providing income for as long as they live.

Consequently, since the period certain-only option is distinctly structured to ensure a set payout period without regard to life status, it stands out as the only option that does not incorporate a life contingency.