What happens in an equity$-$indexed annuity if the index decreases every year or remains flat for the entire term?

A$)$ The annuity owner usually receives the contract value, which is usually equal to $90\%$ of premiums paid plus $3\%$ interest compounded annually.

B$)$ The annuity owner will always be able to receive $100\%$ of their premiums back at any time.

C$)$ The annuity owner will lose all accumulated principal and interest.

D$)$ The annuity owner always receives the lesser of the current account value or contract value $($less any surrender charges$).$