22 Ben owns a lite annuity with no guarantee that began paying out when he retired two years ago. He has decided he would like to buy a condo in Florida so that he can spend his winters in warmer weather, Ben submits an application to surrender his annuity policy in order to get the funds to buy the condo. The claim was rejected. Why? Ben is required to wait for the 10-year maturity which is eight years. The MVA penalty is too high and it would not be worth surrendering the policy c. The policy has both a minimum and maximum payment amount and surrendering it would require the insurance company to pay more than the maximum d. A life annuity may not be surrendered once the payments have started 25 Chad buys a life annuity naming himself and his wife, Helena, as the annulitants. He adds on a guarantee and names his daughter, Joanna, as the beneficiary, Helena and their son, Maxare alive when Chad dies What will happen to the annuity and its benefits on Chad's death? a. The annuity will be jointly owned between Chad's estate and Helena. The benefits will be paid after Helena's death Helena will become the only annuitant and the benefits will be paid on her death co Joanna will receive the benefits of the policy as the named beneficiary d Helena and Joanna receive the benefits of the policy as the surviving annultant and the named beneficiary