To satisfy an individual's retirement needs, insurers offer different types of annuities, including fixed indexed annuities $($FIAs$).$ By definition, an FIA is a type of annuity that

offers no principal or interest$-$rate guarantees

is a type of fixed deferred annuity

locks in a guaranteed stream of income that begins at an advanced age, such as $80$

must be registered with the Securities and Exchange Commission $($SEC$)$ as a security