Explanation:

Correct option 2: CORV

Explanation

After observe the series: WAVR, ZHGG, ?, FVCK, ICNZ. we found that the logic used is

First letter of second word is calculated by adding 3 to the first letter of first word.

W-----(+3)-------------Z

Second letter of second word is calculated by adding 7 to the second letter of first word.

A-----(+7)-------------H

Third letter of second word is calculated by adding 11 to the third letter of first word.

V-----(+11)-------------G

Fourth letter of second word is calculated by adding 15 to the fourth letter of first word.

R-----(+15)-----------G

Now 

Lets see ZHGG, ?

Z----------(+3)----------C

H----------(+7)---------O

G--------(+11)----------R

G--------(+15)---------V