We present a general theory of exceptional points of degeneracy (EPD) in periodically time-variant systems. We show that even a single resonator with a time-periodic component is able to develop EPDs, contrary to parity-time- (PT) symmetric systems that require two coupled resonators. An EPD is a special point in a system parameter space at which two or more eigenmodes coalesce in both their eigenvalues and eigenvectors into a single degenerate eigenmode. We demonstrate the conditions for EPDs to exist when they are directly induced by time-periodic variation of a system without loss and gain elements. We also show that a single resonator system with zero time-average loss-gain exhibits EPDs with purely real resonance frequencies, yet the resonator energy grows algebraically in time since energy is injected into the system from the time-variation mechanism. Although the introduced concept and formalism are general for any time-periodic system, here, we focus on the occurrence of EPDs in a single LC resonator with time-periodic modulation. These findings have significant importance in various electromagnetic and photonic systems and pave the way for many applications, such as sensors, amplifiers, and modulators. We show a potential application of this time-varying EPD as a highly sensitive sensor.