Exercise
Answer the following questions.
1. Which comes first, the payout phase or the accumulation phase? _____
2. There is a _____ penalty on withdrawals from variable annuities made before the annuitant reaches the age of _____.
3. In a fixed annuity, the customer’s investment is deposited in a [separate account/general account], while in a variable annuity, the customer’s investment is deposited in a [separate account