The magnetic flux \( \phi \) is given by the product of the magnetic field \( \mathbf{B} \), the area \( A \) of the coil, and the cosine of the angle between the magnetic field and the normal to the plane of the coil:
\[
\phi = NBA \cos(\theta)
\]
At the instant when \( \mathbf{B} \) is parallel to the plane of the coil, the angle \( \theta = 90^\circ \), so \( \cos(90^\circ) = 0 \).
Thus, the magnetic flux \( \phi = AB \).
The induced emf \( \varepsilon \) can be found using Faraday's Law of Induction, which states that the induced emf is equal to the rate of change of the magnetic flux:
\[
\varepsilon = -\frac{d\phi}{dt}
\]
Since the coil is rotating with angular velocity \( \omega \), the rate of change of the flux is \( NAB\omega \), so the induced emf is \( \varepsilon = NAB\omega \).
Thus, the correct answer is \( \phi = AB \) and \( \varepsilon = NAB\omega \).