Which of the following is a type of annuity settlement option?

A life annuity with no refund is a type of annuity settlement option that provides a series of payments for the lifetime of the annuitant. Once the annuitant passes away, payments cease and there are no remaining benefits paid to heirs or beneficiaries. This type of annuity can be particularly beneficial for those who want to ensure that they receive consistent income throughout their lifetime, which provides financial security without concern for leaving a monetary legacy.

In contrast, other options like temporary annuities usually do not provide lifetime income and could only pay for a fixed period. Guarantees and variable elements in annuities introduce different conditions and do not align with the straightforward and secure promise of a life annuity with no refund, which has simplicity and permanence in payments for the annuitant's life.