The settlement option that pays a specified amount to an annuitant, but pays no residual value to a beneficiary is known as:

This option allows the annuitant to receive only the interest earned on the invested principal, while the principal remains intact for beneficiaries. Consequently, it provides a potential residual value to heirs, which contradicts the question's requirement of having no residual value.

An installment refund option ensures that if the annuitant dies before receiving payments equal to the initial premium, the remaining balance is paid to the beneficiary. This clearly indicates a residual value, as it guarantees payment to heirs if the annuitant passes away early, making it an unsuitable choice for the question.

With a fixed period option, the annuitant receives payments over a specified duration regardless of their lifespan. If the annuitant dies before the period concludes, beneficiaries receive the remaining payments. Thus, this option also offers a residual value to beneficiaries, which does not align with the question's criteria.