Under which type of annuity would Gerry be entitled to a claim as a beneficiary?

The correct answer is the accumulation annuity. In the context of annuities, a beneficiary is typically someone who would inherit the remaining benefits of an annuity upon the death of the annuitant. An accumulation annuity serves as a product where the owner can make contributions and accumulate value over time. This type of annuity allows for the possibility of designated beneficiaries to receive the remaining funds rather than terminating upon the annuitant's death.

In other types of annuities mentioned, such as the straight life annuity, the annuitant receives payments for their lifetime, but upon death, no benefits are passed on to beneficiaries, as payments cease. Similarly, with a joint-and-last-survivor annuity, although benefits may continue to a surviving joint annuitant, there is typically no payout to separate beneficiaries after both annuitants have passed. Lastly, a term annuity at the end of its term usually provides payments only for a specified period; if the annuitant dies before the term ends, remaining payments may go to beneficiaries. However, if the term ends and then the annuitant passes away, no further benefits are paid to beneficiaries.

Therefore, the accumulation annuity stands out as it uniquely allows for the