QUESTION 28 Annuities have many features and characteristics , Which of the following statements is correct ? The initial rate on a fixed annuity will last until the death of the first annuitant Variable annuities and equity - Indexed annuities both use equity sub accounts as an investment option Variable annuities are generally no more risky than fixed annuities Earnings within variable annuities are deferred from taxation until withdrawals or annuitization occurs