Which of the following correctly identifies a feature of a Temporary Annuity Certain?

A Temporary Annuity Certain is defined by the commitment to make payments to the annuitant for a specified period of time, regardless of whether the annuitant is alive or has passed away. This feature ensures that the payments will continue for the predetermined duration, providing a level of security and predictability in income. If the annuitant outlives that set timeframe, payments cease, which distinguishes it from other types of annuities that might offer lifetime benefits or refunds.

The other choices highlight features not characteristic of a Temporary Annuity Certain. Payouts based on market performance suggest investment variability typically seen in variable annuities rather than the guaranteed structure of a Temporary Annuity Certain. The option concerning single premium implies a funding method rather than defining the benefit structure itself. Lastly, lifetime benefits with no refund signify a different annuity type altogether, focusing on lifetime income rather than a fixed temporary period.