Answer:
(B) I and III
Explanation:
The variable annuity contract allows the investor tho make monthly payment for retirement in two pahses. First it will accumulate on his accounts by mading monthly deposits to yield a return on the fund, stocks or bonds. Then, the investor at retirement age enter the second phase. At which receives payouts from his deposists and earnings.
Therefore, the owner caccounts fluctuate during accumulation period as is ncreaseing or decreasing based on the investment made.
Finally, like all contract is subject to federal and state authority.
