Which of the following is NOT a settlement option for life insurance proceeds?

The correct response is that the option known as "Mortgage Payment" is not a recognized settlement option for life insurance proceeds.

In the context of life insurance, settlement options refer to the various ways in which the benefits can be distributed to the beneficiaries after the insured's death.

Lump Sum is a common settlement option that allows the entire proceeds to be paid out in one single payment, providing immediate financial support to beneficiaries.

Fixed-Amount Installment involves the insurance company paying a specified amount to the beneficiaries at regular intervals until the total benefit is exhausted, allowing for more predictable financial planning.

Life Income provides a steady stream of income for the beneficiaries for as long as they live, which can be particularly beneficial for those who rely on consistent cash flow.

Conversely, Mortgage Payment is not a standard settlement method within the life insurance framework. While life insurance proceeds can indeed be used to pay off a mortgage, this specific arrangement—paying benefits directly in the form of mortgage payment—is not an established settlement option recognized in life insurance policies. Hence, it stands out as the incorrect choice among the provided options.