All of the following are characteristics of a variable annuity, except:

All of the following are characteristics of a variable annuity, except:



a. Premiums made into the annuity purchase accumulation units

b. Designed to protect against inflation

c. The separate account provides for a guaranteed minimum return

d. Each month the payment will increase, decrease, or remain the same as the previous month's payment based on the actual return as compared to the assumed interest rate (AIR)



Answer: C

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